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FURR'S/BISHOP'S ANNOUNCES BOARD WILL NOT PAY FOURTH QUARTER DIVIDEND

 LUBBOCK, Texas, Dec. 16 /PRNewswire/ -- Furr's/Bishop's, Incorporated (NYSE: CHI), announced today that its board of directors has voted to pass and not pay the fourth quarter dividend of $.2925 per share payable on Jan. 30, 1993, on Furr's/Bishop's Series A $9.00 convertible preferred stock.
 As previously announced, under the terms of the indenture relating to the 11.00 percent notes due June 1998 issued in connection with the March 27, 1992, debt restructuring of Cafeteria Operators, L.P., an indirect subsidiary of Furr's/Bishop's, Furr's/Bishop's may pay dividends on its securities if, among other things, Cafeteria Operators meets certain earnings tests for three consecutive years and at least one-half of the principal amount of the 11.00 percent notes have been redeemed. Accordingly, Furr's/Bishop's will not be able to pay dividends on its securities prior to the end of fiscal year 1994.
 This is the sixth consecutive quarter that the convertible preferred stock dividend will be unpaid. The company's Certificate of Incorporation provides that holders of convertible preferred stock may elect two directors to the company's board of directors in the event the company fails to pay the convertible preferred stock dividend for six consecutive quarters.
 Furr's/Bishop's is one of the largest operators of cafeterias in the United States, operating 119 cafeterias and buffets in 11 states in the Southwest, West and Midwest under the name "Furr's," 20 cafeterias and buffets in six states in the Midwest under the name "Bishop," and eight specialty restaurants in six states.
 -0- 12/16/92
 /CONTACT: Alton Smith, CFO of Furr's/Bishop's, 806-792-7151/
 (CHI)


CO: Furr's/Bishop's, Incorporated ST: Texas IN: LEI SU: DIV

GK -- NY048 -- 7670 12/16/92 11:27 EST
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Publication:PR Newswire
Date:Dec 16, 1992
Words:286
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