Printer Friendly

KEITH GROUP REACHES TENTATIVE AGREEMENT TO RESTRUCTURE $22.5 MILLION LOAN AND SETTLE LITIGATION WITH BANK OF TOKYO

 KEITH GROUP REACHES TENTATIVE AGREEMENT TO RESTRUCTURE
 $22.5 MILLION LOAN AND SETTLE LITIGATION WITH BANK OF TOKYO
 FORT LAUDERDALE, Fla., July 29 /PRNewswire/ -- The Keith Group of Companies, Inc. (NASDAQ: HKME) today announced that company representatives and officials from the Bank of Tokyo have agreed in principle to restructure a $22.5 million mortgage and resolve all outstanding litigation relating to a loan made to the Victoria Estates manufactured home community located in Port Charlotte, Fla.
 Subject to the execution of a definitive settlement agreement, the parties have agreed in part to the following terms: (1) a restructuring of the loan documents to permit a principal reduction of approximately $2.8 million; (2) accrued interest in the approximate amount of $2.8 million will be written off by the bank; (3) monthly mortgage interest payments will be permitted to accrue until March 30, 1994; and (4) The Keith group will complete the development of the balance of the 273-acre community.
 "I strongly believe that both the restructuring of the loan and this settlement will lay a new foundation for the revitalization of our company and its flagship community, Victoria Estates. In removing the clouds of litigation, we shall be able to concentrate our efforts in attracting new residents to our properties which will result in a sustained level of growth for the company," said Hugh Keith, chairman and chief executive officer of the company.
 -0- 7/29/92
 /CONTACT: Hugh Keith, president and CEO of The Keith Group, 305-458-5282/
 (HKME) CO: The Keith Group of Companies, Inc. ST: Florida IN: CST SU: RCN


AW-JB -- FL001 -- 4509 07/29/92 10:33 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 29, 1992
Words:273
Previous Article:RESEARCH FIRM SAYS DIGITAL IS FASTEST-GROWING PC MAKER
Next Article:WESTINGHOUSE DIRECTORS DECLARE QUARTERLY DIVIDENDS
Topics:


Related Articles
THE KEITH GROUP FILES $20 MILLION ACTION AGAINST THE BANK OF TOKYO TRUST COMPANY
MIDSOUTH COMPLETES DEBT RESTRUCTURING, ACQUIRES 468 BOXCARS
THE COOPER COMPANIES SATISFIES CONDITIONS TO SETTLEMENT OF BREAST IMPLANT LIABILITIES
KEITH GROUP COMPLETES AGREEMENT TO RESTRUCTURE LOAN AND SETTLE LITIGATION WITH BANK OF TOKYO
THE KEITH GROUP REPORTS FINANCIAL RESULTS FOR TWELVE MONTH PERIOD ENDING AUG. 31, 1993 AND THREE MONTH PERIOD ENDING NOV. 30, 1993
KEITH GROUP COMPLETES AGREEMENTS TO SETTLE BEAR CREEK LITIGATION AND SELL PROPERTY FOR $7 MILLION
Sentell settles with bank, but buyers angry.
NEWHALL PARENT IN FINANCIAL TIGHT SPOT CHAPTER 11: LOCAL PARTNER SAYS PROJECT WILL CONTINUE DESPITE LANDSOURCE'S FILING.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters