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Microcap & Penny Stocks : GBFE - GOLDEN BOOKS FAMILY ENTMT INC -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (17)	11/6/1998 9:42:00 AM
From: JEM	Read Replies (1) \| Respond to of 476

Golden Books Family Entertainment Completing Standstill Agreement With Noteholders and Announces Commitment for New Loan Facility Business Wire - November 05, 1998 17:55 NEW YORK--(BUSINESS WIRE)--Nov. 5, 1998--Golden Books Family Entertainment, Inc. (Nasdaq: GBFE) (the "Company") announced today that it is completing a standstill agreement with the steering committee (the "Committee") representing the holders of approximately $100 million of $150 million in aggregate principal amount of the Company's 7.65% Senior Notes due 2002 (the "Senior Notes"), pursuant to which the Committee would agree to take no action against the Company through February 16, 1999, including with respect to the Company's decision, as heretofore announced, not to pay interest due on the Senior Notes. As part of the standstill agreement, the Company's indebtedness under the Senior Notes will be further supported by a lien on specified additional collateral. The standstill agreement is subject to final negotiation and execution of definitive documentation. The Company also announced that it has received a commitment letter from the CIT Group pursuant to which, and subject to the execution of definitive documentation, it may borrow on a secured basis an aggregate of up to $45 million. Such financing arrangements will, in part, replace the Company's current $30 million working capital facility, which will be repaid out of a portion of the proceeds of the new loan. In connection with the foregoing standstill and financing arrangements and, upon terms and conditions to be finalized, Golden Press Holdings LLC ("GPH") will agree to convert its secured loan to the Company in the presently outstanding amount of $10 million to an unsecured obligation. GPH will also waive and release the collateral heretofore granted to it with respect to the previous borrowing, and will be relieved of its obligations to loan up to an additional $15 million to the Company. The Company also announced that, pursuant to the documents governing its 8.75% Convertible Trust Originated Preferred Securities due 2016 (the "TOPrS"), the Company is exercising its right to defer the payment of interest on the TOPrS from November 20, 1998 until February 20, 1999. Finally, the Company announced that, with the consent of the holders of its Series B Preferred Stock, the dividend due November 1, 1998 on the Series B Preferred Stock was not declared or paid. The Company will be conducting discussions with the Committee, as well as with representatives of certain holders of TOPrS representing approximately 56% of the approximately $110 million aggregate principal amount thereof, respecting an overall restructuring of the Company's indebtedness. The Company has paid and will continue to pay its trade obligations. As previously announced, the Company has retained Allen & Company Incorporated as its financial advisor to explore strategic alternatives. The Company is actively pursuing such alternatives, as well as implementing various cost savings measures. The Company is the leading publisher of children's books in North America and owns one of the largest libraries of family entertainment copyrights. The Compan y creates, publishes and markets entertainment products for children and families through all media. This press release may contain forward-looking information. Factors that could affect such information include those mentioned in the company's Form 10-K and other forms, which are filed with the Securities and Exchange Commission. CONTACT: Investor/Press Contact: Golden Books Family Entertainment Kathy Makrakis Vice President Corporate Communications 212/547-6798

To: Joe Copia who wrote (17)	11/24/1998 3:26:00 PM
From: JEM	Read Replies (1) \| Respond to of 476

Don't know if you're still in this one, but here's some news.. --------------------------------------------- Golden Books Announces Executive Change; Provides Update On Organizational Streamlining Business Wire - November 24, 1998 10:09 NEW YORK--(BUSINESS WIRE)--November 24, 1998--Golden Books Family Entertainment, Inc. (Nasdaq: GBFE) (the "Company") today announced the resignation of Eric Ellenbogen as President of the Company and a member of the Company's Board of Directors. The Company said that Mr. Ellenbogen would not be replaced. "We want to thank Eric for his invaluable stewardship of the Entertainment Group, and we wish him every success in his future endeavors," said Richard E. Snyder, Chairman and Chief Executive Officer of the Company. The Company also announced that it would be finalizing its senior management team in the next several weeks. "Achieving success in 1999 will require a company structure with fewer layers, less complexity and reduced overheads," said Mr. Snyder. "It will also require a top-level management team that provides focus on the core children's book business. While the Entertainment Group is a vital and successful part of our portfolio, it is imperative that we streamline our organization and lay a solid foundation of profitability in the children's book business." The Company is the leading publisher of children's books in North America and owns one of the largest libraries of family entertainment copyrights. The Company creates, publishes and markets entertainment products for children and families through all media. This press release may contain forward-looking information. Factors that could affect such information include those mentioned in the Company's Form 10-K and other forms, which are filed with the Securities and Exchange Commission. CONTACT: Investor/Press Contact: Philip Galanes Chief Administrative Officer Golden Books Family Entertainment 212-547-4466