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TPI ENTERPRISES RETAINS STEPHENS INC. AS FINANCIAL ADVISOR TO EXPLORE RESTRUCTURING ALTERNATIVES

 TPI ENTERPRISES RETAINS STEPHENS INC. AS FINANCIAL ADVISOR
 TO EXPLORE RESTRUCTURING ALTERNATIVES
 NEW YORK, Feb. 26 /PRNewswire/ -- TPI Enterprises, Inc. (NASDAQ: TPIE), announced today that it has retained Stephens, Inc., the investment banking firm, to advise it with respect to a possible refinancing or other transaction involving itself and its chief operating subsidiary, TPI Restaurants, Inc.
 Last November, the company collected $43 million in a cash settlement of its litigation with Siemens Information Systems, Inc. Alternative transactions now under consideration may involve the application of settlement funds to the refinancing of some or all of TPI Restaurants' 14.25 percent senior subordinated notes due 1998.
 On Feb. 13, TPI announced that it was seeking a buyer for its movie exhibition interests so that the company can concentrate its efforts and resources in the Restaurants operation.
 Commenting on the contemplated refinancing, TPI Enterprises Chairman and Chief Executive Officer Stephen R. Cohen said: "The company is exploring strategic alternatives which could increase shareholder value including, without limitation, a refinancing of the 14.25 percent notes. Such refinancing would increase the company's financial flexibility to expand the Restaurant business."
 At present, TPI Restaurants operates 245 restaurants in nine southeastern states, including 171 Shoney's and 65 Captain D's.
 -0- 2/26/92
 /CONTACT: David E. Bamberger of TPI Enterprises, 212-230-2233/
 (TPIE) CO: TPI Enterprises, Inc.; Stephens, Inc. ST: New York IN: LEI SU:


GK-TS -- NY016 -- 2685 02/26/92 09:45 EST
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Publication:PR Newswire
Date:Feb 26, 1992
Words:238
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