Anacomp(R) Announces It Did Not Make Subordinated Debt Interest Payment;
Also Announces Delisting From NASDAQ National Market
SAN DIEGO, Oct. 2 /PRNewswire/ -- Anacomp. Inc. (Nasdaq: ANCO) today
announced -- as it previously predicted in its third quarter financial results
news release issued on August 14, 2000 -- that it did not make its scheduled
interest payment, due October 1, 2000, on its senior subordinated notes.
Also as previously reported, Anacomp has retained Donaldson, Lufkin &
Jenrette to advise the Company regarding financial initiatives, including a
possible restructuring of its subordinated debt, as well as to explore other
possible strategic alternatives.
In addition, the Company said that its common stock and warrants will be
delisted from the NASDAQ National Market at the opening of business later this
morning, due to the Company's failure to maintain the minimum bid price
required for continuous listing of its common stock on that market. Because
Anacomp also does not comply with the criterion for listing on NASDAQ's
SmallCap Market, it is the Company's understanding that its stock and warrants
will now be listed on NASDAQ's OTC Bulletin Board.
Finally, the Company announced that Jay P. Gilbertson resigned his
position as a director of the Company, effective September 29, 2000. |
