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GITANO GROUP ANNOUNCES LENDER REQUESTS PARTICIPATION IN SECURED DOMESTIC LOAN FACILITY

 GITANO GROUP ANNOUNCES LENDER REQUESTS PARTICIPATION
 IN SECURED DOMESTIC LOAN FACILITY
 NEW YORK, June 16 /PRNewswire/ -- Gitano Group, Inc. announced today that a lender to one of its foreign subsidiaries has requested the right to participate in the company's secured domestic loan facility. The lender, which represents $40 million of the company's presently available credit facilities of $445 million, has advised the company that the continuation of its facility beyond July 3, 1992 is conditional upon a resolution of this matter.
 The company is reviewing this matter with its domestic lending group and believes that the matter will be resolved, although no assurance can be given to that effect. The company stated that there has been no material adverse change in its financial condition from that set forth in its latest quarterly report.
 In a related matter, the company has requested the New York Stock Exchange to investigate the recent trading patterns of its stock.
 -0- 6/16/92
 /CONTACT: Haim Dabah, president & CFO, 212-819-0707, or Gustave Birnberg, senior vice president, 212-564-6100, both of Gitano Group/ CO: Gitano Group, Inc. ST: New York IN: TEX SU:


SH -- NY081 -- 0790 06/16/92 15:58 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
Words:195
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