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THE FOOTHILL GROUP INC. COMPLETES REDEMPTION OF SUBORDINATED DEBENTURES

 THE FOOTHILL GROUP INC. COMPLETES REDEMPTION
 OF SUBORDINATED DEBENTURES
 LOS ANGELES, Sept. 18 /PRNewswire/ -- The Foothill Group Inc. (NYSE: FGI) today reported results of the previously announced redemption of $6,996,000 of its 9.5 percent convertible subordinated debentures due Aug. 15, 2003. Under the terms of the Indenture dated Sept. 15, 1983, between Foothill and IBJ Schroder Bank & Trust Co. as trustee, the debentures were called for redemption at a price of 100.95 percent, together with accrued interest to Sept. 17, 1992. Debenture holders of this issue had the option of converting each debenture into 140.056 shares of Foothill's Class A common stock using the adjusted conversion price of $7.14 per share. Of the outstanding debentures, $6,937,000 were converted into common stock while $59,000 were redeemed for cash.
 Don L. Gevirtz, chairman and chief executive officer, said, "The parent company has made excellent progress with its strategic plan of deleveraging. Parent company liabilities now total approximately $5 million, down from $45 million as of Dec. 31, 1991."
 The Foothill Group Inc. is a financial services company engaged in the commercial finance and asset management businesses. Foothill Capital Corp., its largest subsidiary, provides asset-based financing secured by accounts receivable, inventory, equipment and other assets to businesses nationwide. Foothill Thrift and Loan specializes in providing commercial and industrial loans to small- and medium-sized businesses in California. The Capital Markets Division (parent company) manages institutional limited partnerships which invest in the debt of companies which are in reorganization or in the process of restructuring.
 -0- 9/18/92
 /CONTACT: Henry K. Jordan, VP & CFO of The Foothill Group, 310-996-7000/
 (FGI) CO: The Foothill Group Inc. ST: California IN: FIN SU:


AL-EH -- LA010 -- 1144 09/18/92 13:06 EDT
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Publication:PR Newswire
Date:Sep 18, 1992
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