WAYNE, N.J. -- Grand Union Co. here said it will not make a $36 million interest payment that is due next Monday. The chain said it will instead use its 30-day grace period to negotiate a capital restructuring with its bondholders and try to obtain a waiver that will keep the chain from defaulting on its bank loans. If no restructuring is agreed upon by the end of the 30-day grace period, Grand Union said it will be in default under the indenture governing its 12% senior notes due Sept. 1, ...
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