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Zenith debt restructuring

Executive Summary

Agreement reached with five banks to convert $25 mil. of short-term obligations to long-term debt ("The Pink Sheet" Aug. 17, p. 10). Zenith will make principal payments totaling $2.75 mil. through June 1988, with the balance due on Sept. 20, 1989. Interest is payable monthly at an initial rate of one point over prime, increasing to three points "if certain refinancings or assets sales are not effected by April 30, 1988".

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