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PGI INCORPORATED UNABLE TO REACH AGREEMENT WITH LENDING GROUP FOR PROPOSED RESTRUCTURING PLAN

 PGI INCORPORATED UNABLE TO REACH AGREEMENT
 WITH LENDING GROUP FOR PROPOSED RESTRUCTURING PLAN
 PUNTA GORDA, Fla., Dec. 20 /PRNewswire/ -- PGI Incorporated (AMEX: PGA), west coast Florida builder and community developer, announced that it has been unable to reach an agreement with a new lending group to provide funds for a proposed restructuring plan. The proposed plan, among other things, would have restructured the company's indebtedness and provided funds to allow the company to repurchase its publicly held convertible subordinated debentures, which currently are in default.
 As a result of the company's inability to obtain the funds from the new lending group, BancFlorida has advised the company that the forebearance agreement, which among other things extended the maturity of the company's indebtedness to Feb. 1, 1992, is no longer in effect.
 Paula F. McQueen, president of PGI stated, "Based on these latest developments, we are again discussing the company's situation with BancFlorida and exploring other means of perhaps completing a restructuring of the company's private and public indebtedness, including the possibility of seeking protection under the bankruptcy laws. We intend to keep our shareholders and debentureholders informed of our progress."
 -0- 12/20/91
 /CONTACT: Paula F. McQueen, president of PGI Incorporated, 813-637-3881/
 (PGA) CO: PGI Incorporated ST: Florida IN: CST SU:


SS-AW -- FL008 -- 4471 12/20/91 15:30 EST
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Publication:PR Newswire
Date:Dec 20, 1991
Words:220
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