Foodarama to Restructure Debt
it is not in compliance with several bank covenants, Foodarama Supermarkets here is preparing a business plan for a restructuring of its $35.2-million debt that could enable it to amend its credit agreements.
Officials of the 19-unit chain -- the second largest ShopRite operator -- said there are no assurances that a forbearance agreement or amended credit agreements can be negotiated.
However, the company said it is discussing the terms and conditions of a forbearance agreement with its senior lenders and is preparing a business plan, in conjunction with independent financial advisers, that will serve as the basis for negotiating amended credit agreements.
As a result of falling out of compliance on its covenants, the company's debt has been reclassified as a current liability.
FMI Conference Slate Updated
The following is an update of the Food Marketing Institute's conference schedule for 1994:
MARCH: The advertising/ marketing executives conference scheduled March 13 to 16 will be held in Orlando, Fla.