Printer Friendly

FUQUA ANNOUNCES AGREEMENT WITH INTERMARK

 ATLANTA, May 19 /PRNewswire/ -- Fuqua Industries, Inc. (NYSE: FQA) today announced that it has reached an agreement in principle with Intermark, Inc. (AMEX: IMI) and its wholly owned subsidiary, Triton Group Ltd., on their revised terms for the $31,726,000 loan from Fuqua to Triton to be included in the Joint Plan of Reorganization proposed by Triton, Intermark and their creditors' committees in the Chapter 11 proceedings filed by Triton and Intermark.
 Triton owns 4,338,598 shares (26.2 percent) of the outstanding Fuqua common stock and has borrowed $31,726,000 from Fuqua pursuant to a November 1991 loan agreement, secured by a pledge of all of its Fuqua stock. Under the terms of the settlement agreement announced today, the maturity date of the loan to Triton will be extended from November 1994 to April 1997 and the interest rate will be reduced by an average of 1-3/4 percent per annum for the balance of the term of the loan. Fuqua's right of first refusal with respect to any sale by Triton of its Fuqua common stock will continue in effect until the loan is paid off, and Triton will continue to be required under the Stockholder Agreement to vote its shares in favor of Fuqua's nominees for director until the loan is paid off. The Stockholder Agreement will be amended to permit Triton to designate two directors (who are not officers or employees of Triton) on an expanded nine-member board of directors so long as Triton continues to own 20 percent or more of Fuqua's outstanding common stock. It is anticipated that revised plan documents reflecting this settlement will be filed later this week and that, if the plan reorganization is confirmed, these changes should take effect in late June 1993.
 Fuqua Industries, Inc. currently has four companies engaged in the broader leisure industry: Qualex (photofinishing), a joint venture with Eastman Kodak (NYSE: EK); Hutch Sports USA (sporting goods equipment); Nelson/Weather-Rite (camping and outdoor products); and Willow Hosiery (athletic hosiery). These companies provide high-quality, brand-name consumer products through distribution channels to retail markets across the United States.
 -0- 5/19/93
 /CONTACT: Frederick B. Beilstein III, senior vice president, treasurer and chief financial officer, or Bridget B. Sullivan, manager, Investor Relations, of Fuqua Industries, 404-658-9000/
 (FQA IMI EK)


CO: Fuqua Industries, Inc.; Intermark, Inc.; Triton Group Ltd. ST: Georgia IN: SU:

RA-BN -- AT001 -- 0173 05/19/93 09:44 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:May 19, 1993
Words:406
Previous Article:ANDERSON SOFT-TEACH ENTERS THE CORPORATE CLASSROOM
Next Article:ROSS SYSTEMS TO SELL ORACLE'S DATABASE WITH PROVEN APPLICATIONS FOR GLOBAL BUSINESS
Topics:


Related Articles
TRITON GROUP LTD. OBTAINS NEW CREDIT FACILITY
FUQUA AND TRITON REACH SECURED LOAN AGREEMENT
INTERMARK AND TRITON OBTAIN STANDSTILL AGREEMENTS FROM CREDITORS AND TRITON ELECTS NOT TO MAKE BOND INTEREST PAYMENT
INTERMARK AND TRITON OBTAIN STANDSTILL AGREEMENTS FROM CREDITORS AND TRITON ELECTS NOT TO MAKE BOND INTEREST PAYMENT
INTERMARK AND TRITON OBTAIN ADDITIONAL STANDSTILL AGREEMENT FROM CREDITOR WHILE NEGOTIATIONS WITH BONDHOLDER GROUPS CONTINUE
INTERMARK ANNOUNCES FIRST QUARTER RESULTS
INTERMARK AND TRITON OBTAIN ADDITIONAL STANDSTILL AGREEMENT FROM CREDITOR
FUQUA STOCKHOLDER FILES FOR CHAPTER 11 REORGANIZATION
INTERMARK ANNOUNCES SECOND QUARTER RESULTS
INTERMARK AND TRITON GROUP ANNOUNCE THE MERGER OF INTERMARK INTO TRITON, LISTING OF THE NEW TRITON COMMON STOCK, THE EMERGENCE FROM BANKRUPTCY

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters