USA: Imperial Sugar Company reports fiscal 2000 fourth quarter results
Imperial Sugar Company (AMEX:IHK) yesterday reported results for the fourth quarter and full year of the fiscal year ended September 30, 2000, and announced the status of negotiations for financial restructuring. The Company indicated that it was not in compliance with certain financial covenants under its Senior Credit Agreement at September 30, 2000, and that it will not pay $12.2 million in interest on its $250 million 9 3/4% Senior Subordinated Notes (``Notes'') due December 15, 2000. The indenture for the Notes provides a thirty-day grace period. The Company and its senior lenders have entered into an interim waiver agreement waiving effective through January 8, 2001, this non-compliance and the effect of not paying the scheduled December 15th interest payment on the Notes. Under this agreement, the Senior Credit Agreement lenders will continue to provide working capital financing for the Company's operations. The Company also announced that the liquidity line of credit issued in favor of the purchaser of its accounts receivable purchase facility has been extended to January 8, 2001.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- 2017: three major drivers of M&A strategy
- Comment: Premier has more to ponder than Brexit
- The food market in 2017 - consumer trends and M&A
- just-food 2017 Survey - your thoughts on growth
- Food market in 2017: need-to-know US trends
- Premier Foods issues profit warning
- Nestle mum on Mead Johnson takeover talk
- UK's Bakkavor plays down IPO "speculation"
- Mondelez sells Vegemite to Bega
- Kellogg to slash 250 jobs