NEW YORK, N. Y., August 28, 1997 — Marvel Entertainment Group, Inc. (NYSE: MRV) announced today in a bankruptcy court hearing in Wilmington, Delaware that it is unlikely that a previously announced agreement in principle between the Company, its lenders and Toy Biz can be reached.
Negotiations are currently under way between Marvel and its lenders regarding alternative resolutions for the Company's reorganization. In the event that a settlement can not be reached with its bank group, it may be necessary to seek other forms of bankruptcy protection or to dismiss the chapter 11 proceeding. The Court instructed the parties to continue their settlement dialogue, and with the consent of the lenders, permitted Marvel access to its cash collateral through September 16, 1997.
Marvel is continuing its efforts to reduce overhead, consolidate operations and refocus activity in its key areas including film and television, Internet and new media activities, licensing and publishing.
NEW YORK, N. Y., September 11, 1997 — Marvel Entertainment Group, Inc. (NYSE:MRV) reported that it has advised the United States Bankruptcy Court for the District of Delaware of significant difficulties negotiating a settlement with its secured lenders and, as of September 8, no agreement had been reached. Such negotiations include additional debtor-in-possession financing. As a result, Marvel has requested the Court to conduct a hearing to consider an alternative financing proposal which would replace the existing debtor-in-possession financing and provide to Marvel additional operating funds. The Company continues to consider all available legal remedies to promote the best interests of its estate.
Editor's Note — Consolidate (read "lay off") the film and television section? What ever will Stan Lee do??? Anyone want a nice, cushy job on the comic book industry???
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Robert
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