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Edgell defers $4.8MM debt payment. (Edgell Communications Inc.)
Crain's Cleveland Business, April, 1991
Edgell defers $4.8MM debt payment Edgell Communications Inc. said it has deferred payment on $4.8 million in quarterly interest and principal payments due its senior lenders April 1, even though the company had the money to make the payment. Mary Abood, director of public relations for Edgell, said in a prepared statement that the board of Edgell's parent company, New Century Communications Inc., decided to defer the payment pending the completion of debt restructuring negotiations which, she said, "are ongoing." She said the board's decision was unanimous.
The Middleburg Heights publishing company is seeking to restructure approximately $190 million in debts to senior lenders, money owed primarily to General Electric Capital Corp., and $100 million in 14%...
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