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Non-Tech : Grand Union (GUCO) -- Ignore unavailable to you. Want to Upgrade?

To: Michael Tenney who wrote (3)	1/28/1998 9:18:00 AM
From: leigh aulper	Respond to of 42

Mike, I think the bonds are a great play. New mgt sounds like it can turn this Company around. Probably will go thru a restructuring so i'm not sure how equity will fare. Hope the other employees have the good morale that you show. It would be nice if you can tell us more from the employees side.

To: Michael Tenney who wrote (3)	2/18/1998 10:15:00 AM
From: leigh aulper	Respond to of 42

maybe not as great as i thought--short term, but long term i still think it works Grand Union in Discussions with Noteholders, Bank Lenders; Will Not Pay March 2 Interest on Senior Notes WAYNE, N.J.--(BUSINESS WIRE)--Feb. 17, 1998--The Grand Union Co. said today that it has determined that it will not pay the approximately $36 million interest payment due March 2, 1998, on its 12% Senior Notes, due 2004 (the "Notes"). The Company has had and continues to have discussions with an unofficial committee of holders of its Notes. The failure to make this payment will constitute a default under the Indenture governing the Notes, subject to a 30-day grace period, and will also constitute a default under the Company's Bank Facility. The Company is currently in discussions with the lenders party to the Bank Facility concerning a waiver of such default and is optimistic that it will be able to obtain such waiver. The disclosure was made in the Company's Form 10-Q for its third quarter ended January 3, 1998, which was filed with the Securities and Exchange Commission today. On January 27, 1998, Grand Union announced that it had retained the firm of Salomon Smith Barney as financial advisor to evaluate various financial alternatives available, including a capital restructuring. Grand Union emphasized that it anticipates that it will continue its ordinary business operations as usual and will pay in timely fashion all the operating and trade obligations required to conduct its business. J. Wayne Harris, Chairman and Chief Executive Officer, said "While we have been successful in reducing costs, building comparable store sales and improving overall operating performance, the Company's highly-leveraged position continues to constrain our growth. It is important to the future of our Company that we take steps now to address our capital structure."