FUQUA STOCKHOLDER FILES FOR CHAPTER 11 REORGANIZATION
FUQUA STOCKHOLDER FILES FOR CHAPTER 11 REORGANIZATION ATLANTA, Oct. 20 /PRNewswire/ -- Fuqua Industries, Inc.
(NYSE: FQA), today announced that Intermark, Inc., and its wholly owned subsidiary, Triton Group Ltd., which owns 4.3 million shares, or 26.2 percent of Fuqua's common stock, have filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
During 1991 and 1992, Fuqua loaned approximately $32 million to Triton Group Ltd. secured by a pledge of all 4.3 million shares of Fuqua stock owned by Triton. Fuqua's previously announced forbearance from enforcement of its rights arising out of certain defaults under the loan expires by its own terms today. Frederick B. Beilstein III, chief financial officer of Fuqua, commented: "The Chapter 11 filing by Intermark and Triton is not a surprise, as Intermark had announced in March of this year its intention to seek to negotiate a prearranged plan of reorganization under Chapter 11. Fuqua's margin loan to Triton continues to be well-secured and Fuqua in confident that it will not incur any loss on this loan. A special committee of independent directors of Fuqua has been engaged in discussions with Intermark, Triton and their bondholders and will continue to represent Fuqua's interests during the bankruptcy proceeding. Fuqua intends to continue taking whatever action is necessary to protect its rights as a secured creditor." Fuqua Industries, Inc., provides high-quality, brand-name consumer products through distribution channels to retail markets across the United States. Fuqua operates in three distinct businesses: photofinishing, lawn and garden equipment and sporting goods. -0- 10/20/92 /CONTACT: Frederick B. Beilstein III, sr. vice president, treasurer and CFO, or Bridget B. Sullivan, manager-investor relations, Fuqua Industries, 404-658-9000/ (FQA) CO: Fuqua Industries, Inc. ST: Georgia IN: SU:
DC-BN -- AT007 -- 2066 10/20/92 09:42 EDT
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|Date:||Oct 20, 1992|
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