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IMC FERTILIZER OBTAINS REMAINING WAIVERS FROM LENDERS

 NORTHBROOK, Ill., May 24 /PRNewswire/ -- IMC Fertilizer Group, Inc. (NYSE: IFL) announced today that it has received from all of its lenders the necessary waivers for any defaults which may have occurred as a result of the non disclosure to such lenders of the lawsuit filed on April 22, 1993 by Angus Chemical Company at the time of the extension of the company's $100 million of Bid Loan Notes and the waiver of its non- compliance with certain financial covenants under its $225 million of 11.25 percent notes.
 As previously reported, the company has reached an agreement in principle with the Prudential Insurance Company of America to amend the terms of the 11.25 percent notes and has received a commitment from a group of banks to provide it with a new revolving credit Working Capital Facility under which the company could borrow up to $100 million for general corporate purposes. The agreement with Prudential and the group of banks are each subject to various closing conditions including satisfactory completion of a due diligence review.
 Also, as previously reported, the company is pursuing additional financing of approximately $225 million, the proceeds of which would be used to retire the $100 million of Bid Loan Notes, repurchase $50 million of receivable interest previously sold, and pay the $60.6 million portion of the recent settlement with Angus and its property insurer that is due by June 30, 1993.
 The company's ability to meet its obligations due June 30, 1993, depends on, among other things, the satisfactory completion of the previously noted amended terms of the 11.25 percent notes, the availability of the Working Capital Facility and the company's obtaining the approximately $225 million of additional financing. Such arrangements are each conditional on completion of the others and timely completion thereof cannot be assured.
 -0- 5/24/93
 /CONTACT: John E. Galvin, investors, 708-205-4814, or Thomas C. Pasztor, 708-205-4801, both of IMC Fertilizer Group, Inc./
 (IFL)


CO: IMC Fertilizer Group, Inc. ST: Illinois IN: CHM SU:

LR-OS -- NY023 -- 1570 05/24/93 09:47 EDT
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Publication:PR Newswire
Date:May 24, 1993
Words:345
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