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Article: Speizman Industries Announces Revised Agreements With Lonati and SouthTrust.
- Article from:
- PR Newswire
- Article date:
- March 10, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Speizman Industries, Inc. (the "Company") (BULLETIN BOARD: SPZN) announced today that Lonati, SpA, and its affiliated companies, Santoni SpA, Tecnopea Srl and SRA Srl, have each terminated their respective agreements with the Company due to breaches of these agreements by the Company. In addition, Lonati terminated its agreement to forbear with respect to the collection of $4.3 million owed to it by the Company and accelerated payment in full of this debt.
The Company also announced that, subsequent to these events, it entered into a Distributorship and Forbearance Agreement with Lonati pursuant to which Lonati agreed to allow the Company to continue to serve ...