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November 05, 1994|From Times Staff and Wire Reports

Greyhound Challenges Bondholders' Petition: Greyhound Lines Inc. said bondholders seeking to declare the company bankrupt have no legal right to demand faster payments on bonds on which it defaulted in September. Greyhound also said the bankruptcy petition would prevent it from speeding up the bond payments. Greyhound, the nation's largest bus line, failed to pay $4.2 million in interest on $98.9 million of convertible debentures on Sept. 30 and has been negotiating to restructure the debt. Bondholders claiming to hold about 25% of the debt filed on Greyhound's behalf for Chapter 11 bankruptcy status in the U.S. Bankruptcy Court's Northern District of Texas.

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