Prime Motor Inns May File for Bankruptcy:...
From Times Staff and Wire Reports
Prime Motor Inns May File for Bankruptcy: The hotel chain said it may file for bankruptcy protection if it is unable to restructure its $550-million debt. The Fairfield, N.J.-based company said it is seeking $25 million in fresh funds and a restructuring of its existing loans. It suspended the two-cent quarterly dividend on its common stock and said it did not expect to meet interest payments on two sets of corporate bonds. The company’s stock, which sold for as high as $23 this year, fell Friday to $1.38, down 37 cents, in New York Stock Exchange trading.
