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GLENDALE INVESTMENT CORPORATION CURES DEFAULT ON REMAINING GLENFED INC. DEBENTURES

 GLENDALE, Calif., Aug. 27 /PRNewswire/ -- Glendale Investment Corporation, a wholly owned subsidiary of Glendale Federal Bank and the successor by merger to GLENFED, Inc., today announced that it has cured the existing default under the 7.75 percent Convertible Subordinated Debentures Due 2001 of GLENFED that remain outstanding following the completion yesterday of Glendale Federal Bank's exchange offer for the GLENFED debentures.
 Approximately $10.9 million of the GLENFED debentures were not tendered into Glendale Federal Bank's exchange offer and remain outstanding as obligations of Glendale Investment Corporation. The debentures were in default due to the inability of GLENFED to pay the installment of interest that was due on the debentures on March 15, 1993. Glendale Investment Corporation has cured this default by depositing with Chemical Bank, as trustee under the indenture governing the debentures, sufficient funds to pay the overdue installment of interest, and interest at the contract rate on such overdue interest to the Aug. 26 date of payment, on the debentures that remain outstanding.
 Holders of outstanding debentures are advised that they may present their March 15, 1993 interest coupon for payment to any of the co-paying agents for the debentures which are the London and Luxembourg offices of Bankers Trust Company and the Brussells office of Banque Bruxelles Lambert. Holders whose debentures are held through brokers or financial institutions are advised to request such holders to obtain the interest payment for their account.
 -0- 8/27/93
 /CONTACT: Judy Cunningham, 818-500-2274 or Jeff Misakian, 818-500-2824/


CO: GLENFED Inc.; Glendale Investment Corp. ST: California IN: FIN SU:

MF -- LA025 -- 6779 08/27/93 17:14 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
Words:269
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