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PGI INCORPORATED DOES NOT ANTICIPATE MEETING INTEREST PAYMENT

 PGI INCORPORATED DOES NOT ANTICIPATE MEETING INTEREST PAYMENT
 PUNTA GORDA, Fla., April 29 /PRNewswire/ -- PGI Incorporated (AMEX: PGA), west coast Florida residential community developer and home builder, announced that it does not anticipate that the semi- annual interest payment or the scheduled principal payment due May 1, 1992 on its 6 percent convertible subordinated debentures will be made.
 "The company previously announced that it has been attempting to work out a financial restructuring or other arrangement with its primary bank lender, but to date, these attempt have been unsuccessful. Even if a restructuring is accomplished, however, it is highly unlikely that it will include sufficient funds to make the required payments on the company's debentures," President Paula F. McQueen stated.
 The company previously announced that it had defaulted on required interest and principal payments on its 6 1/2 percent convertible subordinated debentures which matured on June 1, 1991, and continues to be in default on that issue.
 -0- 4/29/92
 /CONTACT: Paula F. McQueen, president of PGI Incorporated, 813-637-3881/
 (PGA) CO: PGI Incorporated ST: Florida IN: CST SU:


JB-AW -- FL002 -- 4184 04/29/92 08:58 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
Words:189
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