Printer Friendly

TRUSTEE FOR HOLDERS OF ZEUS COMPONENTS, INC. NOTES DECLARES DEFAULT

 PORT CHESTER, N.Y., June 4 /PRNewswire/ -- The trustee for the holders of Zeus Components, Inc.'s (NASDAQ: ZEUS) 12-1/4 percent senior subordinated notes has declared a default, according to a notice the trustee has given to the company, it was announced today by Zeus Components, Inc.
 The notice expresses the trustee's view that the May 19 sale by the company of the assets used in its high reliability electronic component distribution and value added services businesses to Arrow Electronics, Inc. was a sale of all or substantially all of the assets of the company in violation of the trust indenture. The trustee has demanded that the default be cured within 30 days.
 Under the terms of the trust indenture, if the Arrow transaction was such a sale, the company would be required to redeem the outstanding notes within 30 days of the trustee's demand.
 Prior to agreeing to the Arrow transaction, however, the company examined the possible impact of the transaction upon the trust indenture, but concluded that it would not be violated. Management remains of this view and thus does not concur that the notes are in default.
 The company will continue from time to time to purchase or redeem all or a portion of the notes.
 -0- 6/4/93
 /CONTACT: Martin S. Fawer, treasurer and chief financial officer of Zeus Components, 914-937-7400/
 (ZEUS)


CO: Zeus Components, Inc. ST: New York IN: CPR SU:

CK-GK -- NY039 -- 5499 06/04/93 14:11 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 4, 1993
Words:247
Previous Article:FIRST NATIONAL FILM RELEASES 'HAPPILY EVER AFTER' WITH THE ANNOUNCEMENT OF A NATIONAL SNOW WHITE SCHOLARSHIP PROGRAM
Next Article:PEPSI REMAINS KOSHER IN ISRAEL
Topics:


Related Articles
ZEUS COMPONENTS REPORTS THIRD QUARTER RESULTS
ZEUS COMPLETES SALE OF DISTRIBUTION BUSINESS TO ARROW
ZING TECHNOLOGIES TRUSTEE ACCELERATES PAYMENT OF SENIOR SUBORDINATED NOTES
ZING TECHNOLOGIES, INC. RESOLVES DISPUTE WITH TRUSTEE
ZING TECHNOLOGIES, INC. RESOLVES DISPUTE WITH TRUSTEE
Heartland Technology Reports On Debt.
Arrow Electronics and QP Semiconductor Partner to Provide Military B-Level Logic Products.
Arrow Electronics and QP Semiconductor Partner to Supply Simple (SPLD) and Complex (CPLD) Military Programmable Logic Devices.
Bell Microproducts Receives Anticipated Delisting Notice From Nasdaq and Notice of Default From Wells Fargo Related to Its Convertible Subordinated...
Bell Microproducts Solicits Consents From Holders of Its Convertible Subordinated Notes Due 2024.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters