MARCADE ANNOUNCES EXTENSION OF FORBEARANCE PERIOD
MARCADE ANNOUNCES EXTENSION OF FORBEARANCE PERIOD NEW YORK, July 8 /PRNewswire/ -- The Marcade Group, Inc.
(NYSE: MAR), announced today that it had successfully concluded an extension of the forbearance period (to Oct. 31, 1992) under its definitive restructuring agreement with its senior lender, Heller Financial, Inc. This will enable Marcade to continue to pursue its plans, assisted by its financial consultants, Bear Stearns & Co., to consummate a restructuring of Marcade's debt. Marcade also obtained an extension for a similar period from BNY Financial Corporation, relating to Marcade's guaranty to BNY of the obligations of RJMJ, Inc., Marcade's subsidiary.
Charles S. Ramat, Marcade's chairman and chief executive officer, stated, "We are continuing to work on the restructuring of Marcade's debt utilizing the values and earnings generated by Marcade's operating subsidiaries." The Marcade Group, Inc. is a diversified apparel company. It designs and manufactures women's, men's and boys' apparel through a group of wholly owned subsidiaries: Europe Craft Imports, Inc., maker of "Members Only" outerwear and sportswear, Perry Manufacturing Company and Above the Belt, Inc. -0- 7/8/92 /CONTACT: Charles S. Ramat, chairman and chief executive officer of the Marcade Group, 212-935-8484/ (MAR) CO: Marcade Group Inc. ST: New York IN: TEX SU:
SM-TS -- NY016 -- 7312 07/08/92 09:38 EDT
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|Date:||Jul 8, 1992|
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