Printer Friendly

F&C INTERNATIONAL ANNOUNCES AMENDMENTS TO FINANCING AGREEMENT AND APPOINTMENT OF NEW CEO

 CINCINNATI, June 15 /PRNewswire/ -- F&C International, Inc. (NASDAQ: FCIN) announced today that it has obtais?ensual preliminary bankruptcy court approval of amendments to its financing agreements with Star Bank. Pursuant to the amendments, F&C will have available a $17.65 million line of credit for operational purposes.
 The bankruptcy court also approved on an interim basis the appointment of Frank R. Budetti as CEO to manage F&C through the reorganization process. Budetti is a principal in the consulting firm of Ballenger, Budetti and Associates, and has served as the CEO or COO of numerous companies with difficult financial conditions. Budetti's appointment was enthusiastically supported by committee and the Office of the United States Trustee. A final hearing on both of these orders is set for June 21, 1993.
 "Today marks a turning point in F&C's reorganization case," said Budetti. "I am confident that the orders will be permanently approved on June 21. Pursuant to the agreements with Star Bank, F&C now has the capital resources to improve relations with suppliers, who have been very patient. These improved supplier relations will permit F&C to deliver the superior service that F&C's customers expect and deserve. Perhaps morep?ortantly, today marks the first time in this case that all of F&C's major creditor groups have worked together to achieve a beneficial result for the company. The continual legal battles over the last few months were very distracting. With the Star Bank financing in place, we can now focus our attention on returning F&C to profitability."
 Under the agreement reached by all parties, Budetti will follow a program to maximize the value of the estate. This process includes offering for sale all of the operating entities of F&C. There currently are offers outstanding for several of the non-core operations. F&C International is a creator and manufacturer of flavors and fragrances used by producers in the food, beverage, tobacco, personal care, household, institutional and pharmaceutical industries to impart or improve flavor or fragrance in a wide variety of consumer products.
 -0- 6/15/93
 /CONTACT: Frank R. Budetti of F&C International, Inc., 513-782-5017/
 (FCIN)


CO: F&C International, Inc. ST: Ohio IN: CHM SU: FNC PER

KL -- CL020 -- 2294 06/15/93 16:14 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 15, 1993
Words:382
Previous Article:RTA BOARD GIVES GREEN LIGHT TO BUILD RTA WALKWAY TO GATEWAY
Next Article:ROAD COMMISSION FOR OAKLAND COUNTY SELECTS HERMANOFF & ASSOCIATES FOR PUBLIC INFORMATION AND AWARENESS PROGRAM
Topics:


Related Articles
UNC INCORPORATED ANNOUNCES CONSENT SOLICITATION FOR 9-1/8 SENIOR NOTES
ROLE OF TECHNOLOGY IN FOODSERVICE IS THEME OF FIRST INTERNATIONAL FOODSERVICE TECHNOLOGY EXPOSITION
Patrick R. Scanlon appointed President and COO of CS International
Donna Karan Home Names Chief Executive Officer; Patricia Pollack to Oversee Launch of Donna Karan Bed and Bath Lines.
PR Newswire Northern California Summary, Friday, 08-11, 2000 Up to 2:00 p.m. PT.
2002 reforms to growth management.
Buhrmann to Further Improve its Capital Structure.
Buhrmann to Further Improve its Capital Structure.
Fast track probate rules amendments.
House Bill 7203: growth management reform - fixing the glitches, pipelining, streamlining, and other evolutional changes.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters