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GAYLORD TO FILE AMENDED REGISTRATION STATEMENT; BANKS EXTEND CREDIT AGREEMENT

 GAYLORD TO FILE AMENDED REGISTRATION STATEMENT;
 BANKS EXTEND CREDIT AGREEMENT
 DEERFIELD, Ill., March 26 /PRNewswire/ -- Gaylord Container Corporation (AMEX: GCR) today said it has completed negotiations with representatives of both its unofficial bondholders' committee and its bank group on detailed terms supporting the agreement in principle regarding Gaylord's financial restructuring plan announced last December. The company said it will revise its previously filed registration statement and expects to file the amended document with the Securities and Exchange Commission in approximately two weeks.
 The company also announced that its bank group has extended until June 30, 1992, its commitment to provide a $25 million working capital facility and to forbear certain remedies, including the right of acceleration, related to failure to make certain bank principal and subordinated debt interest payments. The agreement had been scheduled to expire on March 31, 1992.
 As previously announced, Gaylord is pursuing a comprehensive financial restructuring plan designed to reduce outstanding debt and annual interest payments.
 Gaylord Container Corporation is a major national manufacturer and distributor of corrugated containers, containerboard, unbleached kraft paper, multiwall bags and grocery bags and sacks.
 -0- 3/26/92
 /CONTACT: Kathryn Chieger of Gaylord Container, 708-405-5645/
 (GCR) CO: Gaylord Container Corporation ST: Illinois IN: PAP SU:


CK-SB -- NY068 -- 2041 03/26/92 14:26 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 26, 1992
Words:214
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