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HALLWOOD DEBENTURES TO PAY INTEREST IN-KIND

 HALLWOOD DEBENTURES TO PAY INTEREST IN-KIND
 DALLAS, June 15 /PRNewswire/ -- The board of directors of The


Hallwood Group Incorporated (NYSE: HWG) has voted to pay in-kind annual interest on the company's 13.5 percent subordinated debenture due July 31, 2009. The payment will apply to both the original issue and the 1991 series.
 Interest will be paid on August 15 to debentureholders of record on July 31. Certificates are issued in $100 multiples; odd amounts are paid in cash. The debenture trades net of accrued interest.
 At the company's option, two interest payments in any five-year period may be paid by a new series of the debenture, which was originally issued in May 1989. In 1989 and 1990, interest was paid in cash. The 1991 series was issued to pay last year's interest.
 -0- 6/15/92
 /CONTACT: Allan E. Morris, director of corporate communications for The Hallwood Group, 216-696-1111/
 (HWG) CO: The Hallwood Group ST: Texas IN: SU:


BM -- CL017 -- 0296 06/15/92 15:39 EDT
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Publication:PR Newswire
Date:Jun 15, 1992
Words:168
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