In Brief: Model Imperial
This article was originally published in The Rose Sheet
Executive Summary
Model Imperial: Executes forbearance agreement with its bank lenders to which it owes approximately $45 mil., the firm said April 10. Under the agreement, the lenders have postponed exercising default rights until Aug. 31, allowing the company "to attempt to restructure its business outside Chapter 11," Boca Raton-based Model Imperial said. The agreement also gives the wholesale fragrance distributor an opportunity to reduce operating expenses; "improve operations and administration through downsizing"; and negotiate a composition agreement with trade creditors. Model Imperial also has been delisted from NASDAQ effective April 10. On April 2, the company estimated that its 1995 net loss would exceed $20 mil., revising a net loss for the year previously estimated at between $7.5 mil. and $8.5 mil...