Financially troubled Malibu Grand Prix Corp. said Edward T. Peabody Jr. has resigned as president and chief operating officer “to pursue opportunities in the food industry.”
The Woodland Hills-based amusement center company also said that its originally planned debt restructuring won’t be sufficient and that it is trying to negotiate a better arrangement with its creditors. Malibu added that “there can be no assurance that the company will be able to restructure its debt and equity positions” enough to stay in business.
Peabody, 42, was a director, president and chief operating officer of Malibu since March, 1984, but resigned from the board a month ago. Chairman Ira L. Young said then that the company was “engaged in discussions” about his status as president.
Malibu, which lost $6.3 million last year on sales of $28.1 million, said Young would be in charge of day-to-day operations. Peabody, who resigned effective Aug. 28, will be available as a consultant through Dec. 15.
Pacific Lighting, parent of Southern California Gas, named Daniel A. Siegel and Albert A. Hunt corporate vice presidents as part of a continuing management realignment that has been under way since June.
Siegel, president of the company’s Pacific Lighting Leasing and Dual Fuel Systems subsidiaries, will assume corporate planning and development duties for the parent firm.
Hunt, currently vice president and treasurer of Pacific Lighting Gas Supply, will continue to handle financial studies and arrangements connected to Pacific Lighting’s and its subsidiaries’ gas supply projects.