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INTERMARK AND TRITON OBTAIN STANDSTILL AGREEMENTS FROM CREDITORS AND TRITON ELECTS NOT TO MAKE BOND INTEREST PAYMENT

INTERMARK AND TRITON OBTAIN STANDSTILL AGREEMENTS FROM CREDITORS
 AND TRITON ELECTS NOT TO MAKE BOND INTEREST PAYMENT
 LA JOLLA, Calif., June 30 /PRNewswire/ -- Intermark Inc. (AMEX: IMI) announced today that representatives of certain of the major bondholders of its wholly owned subsidiary, Triton Group Ltd., certain Intermark bondholders, and Fuqua Industries, Inc. (NYSE: FQA) have entered into separate but inter-dependent forbearance and standstill agreements with the companies. These agreements, which are for a period not to exceed 30 days, were entered into in an effort to provide additional time to reach agreement on a prepackaged or pre-arranged plan of reorganization under Chapter 11 for Intermark and Triton.
 Under the forbearance and standstill agreements the parties have agreed not to exercise their default remedies so long as actions against the companies are not precipitated by third parties who have not entered into the agreements.
 Standstill agreements were obtained because Triton elected to not make the $9.1 million interest payments which were due on June 1, 1992 and for which June 30 is the last day of the grace period before default. As a result, Triton will be in default on July 1 on its $50 million of 14 3/8 percent subordinated notes due 1995 and $75 million of 14 5/8 percent subordinated debentures due 2000.
 Triton bond defaults will also result in a default of Triton's $32 million loan from Fuqua Industries, which loan is secured by Triton's ownership of 4.3 million shares of Fuqua's common stock, approximately 26 percent of Fuqua's outstanding shares.
 Intermark and Triton believe at the present time that it is in the best interest of the companies, their bondholders and stockholders to reach agreement on a prepackaged or pre-arranged plan of reorganization before any filing is made under Chapter 11. A proposal for a prepackaged plan was put forth on March 31, 1992 in the form of a preliminary prospectus filed with the Securities and Exchange Commission.
 Intermark's annual report on Form 10-K for its fiscal year ended March 31, 1992 was due to be filed with the Securities and Exchange Commission on June 29, 1992. As a result of the forbearance and standstill agreements and the decision to not make the Triton interest payment, certain disclosures must be included in Intermark's Form 10-K. The company has filed for a 15-day extension so that the Form 10-K will now be due on July 14, 1992.
 -0- 6/30/92
 /CONTACT: John C. Stiska, president, or Michael M. Earley, senior VP and CFO of Intermark, 619-456-1000/
 (IMI FQA) CO: Intermark Inc.; Triton Group Inc.; Fuqua Industries Inc. ST: California IN: SU:


CH -- SD004 -- 5362 06/30/92 17:18 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
Words:447
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