Advertisement
YOU ARE HERE: LAT HomeCollectionsDebt

BRIEFLY

Cardis missed $1.6 million in interest payments.

July 02, 1987

The Beverly Hills-based company also said it failed to pay off a $3-million note due Tuesday, and it has asked holders of $25 million in notes to defer interest payments on that debt until 1988. Meanwhile, Cardis, one of the nation's largest auto parts distributors and owner of Tuneup Masters repair shops, said results of its second period ended April 30 have been delayed but that the company expects to post an operating loss for the period. In other developments, Cardis said it has fired its independent accountant, Touche Ross & Co., and has hired the investment banking firm of Bear, Stearns & Co. to advise it on restructuring debt, getting an infusion of capital and possibly selling assets.

Advertisement
Los Angeles Times Articles
|
|
|