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FURR'S/BISHOP'S CONTINUES SUBSTANTIVE DISCUSSIONS WITH NOTEHOLDERS

   FURR'S/BISHOP'S CONTINUES SUBSTANTIVE DISCUSSIONS WITH NOTEHOLDERS
    LUBBOCK, Texas, Nov. 8 /PRNewswire/ -- Furr's/Bishop's, Incorporated (NYSE: CHI) announced today that Cafeteria Operators, L.P., an indirect subsidiary of Furr's/Bishop's, continues to be in substantive negotiations with the single noteholder which has not granted Cafeteria Operators a waiver with respect to an interest payment of approximately $7.9 million initially due on Sept. 30, 1991 on Cafeteria Operators' $60 million 10.25 percent Series A Senior Notes due 1997 and $90 million 10.75 percent Series B Senior Notes due 2007, and with the 16 noteholders who have agreed to grant Cafeteria Operators such waivers. As a result of a 30-day waiver received on Sept. 30, 1991, the payment date on such interest payments was extended to Oct. 31, 1991.  Pursuant to the agreement governing the Series A Senior Notes and the Series B Senior Notes, Cafeteria Operators must receive the approval of all noteholders in order for such waivers to be effective.
    Furr's/Bishop's is one of the largest operators of cafeterias in the United States with 123 cafeterias in 10 states in the Southwest, West and Midwest under the name "Furr's", 22 cafeterias in seven states in the Midwest under the name "Bishop" and seven specialty restaurants.
    -0-            11/8/91
    /CONTACT:  Alton Smith, chief financial officer of Furr's/Bishop's, 806-792-7151/
    (CHI) CO:  Furr's/Bishop's Incorporated ST:  Texas IN:  LEI SU: SM -- NY026 -- 2554 11/08/91 10:57 EST
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Publication:PR Newswire
Date:Nov 8, 1991
Words:242
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