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TANDY, INTERTAN, AND BANKING SYNDICATE REACH TENTATIVE AGREEMENT

 FORT WORTH, Texas, July 23 /PRNewswire/ -- InterTAN Inc. (NYSE: ITN) and Tandy Corporation (NYSE: TAN) announced today that negotiations have taken place among InterTAN Inc., Tandy and a negotiating committee representing InterTAN's Banking Syndicate. As a result, the banks' negotiating committee agreed to seek approval from the various credit committees of all the Banks to a proposal whereby Tandy Corporation will acquire all of InterTAN's debt from the Banking Syndicate at a negotiated price. The proposal also contemplates that such debt will be extended and restructured, that Tandy will renew its license and merchandise supply agreements in favor of InterTAN for a period of seven years, that Tandy will provide temporary trade credit to InterTAN, and that Tandy will receive warrants to purchase InterTAN stock. InterTAN will provide security to Tandy for all indebtedness owing to it. The license agreement provides for a future royalty to Tandy.
 It is expected that if the proposal is accepted, closing of the agreements between InterTAN and Tandy will take place by the end of August. Such agreement is necessary for InterTAN to continue its normal operations.
 -0- 7/23/93
 /CONTACT: Martin O. Moad, director - investor relations of Tandy Corporation, 817-390-3730/
 (TAN ITN)


CO: Tandy Corporation; InterTAN Inc. ST: Texas, Ontario IN: REA SU: LIC

MP -- NY033 -- 5073 07/23/93 10:50 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
Words:221
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