Compass Aerospace Corporation Reports Non Payment of Interest on Notes

Apr 12, 2001, 01:00 ET from Compass Aerospace Corporation

    SANTA ANA, Calif., April 12 /PRNewswire/ -- Compass Aerospace Corporation,
 a supplier of precision-machined parts and sub-assemblies, has announced that
 it filed its Form 10-K annual report on April 2, 2001 for the year ended
 December 31, 2000.
     Compass will not make the interest payment of approximately $4.7 million
 due April 15, 2001 on Compass' outstanding Series B and Series D notes.
 Failure to make the interest payment on the notes by May 15, 2001 would be an
 event of default under the indentures securing those notes.  Additionally,
 Compass continues not to be in compliance with the terms of its bank credit
 agreement and is not able to borrow under that agreement.  The agent for
 Compass' lenders under the credit agreement has sent a letter to Compass
 reserving its rights, but to date has not sought to exercise any remedies
 under the credit agreement.
 
     Forward Looking Statements -- This release contains forward looking
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995, that involve risks and uncertainties, such as statements of the
 company's strategies, plans, objectives, expectations and intentions.  Actual
 performance, prospects, developments and results may differ materially from
 and all anticipated results.
 
 

SOURCE Compass Aerospace Corporation
    SANTA ANA, Calif., April 12 /PRNewswire/ -- Compass Aerospace Corporation,
 a supplier of precision-machined parts and sub-assemblies, has announced that
 it filed its Form 10-K annual report on April 2, 2001 for the year ended
 December 31, 2000.
     Compass will not make the interest payment of approximately $4.7 million
 due April 15, 2001 on Compass' outstanding Series B and Series D notes.
 Failure to make the interest payment on the notes by May 15, 2001 would be an
 event of default under the indentures securing those notes.  Additionally,
 Compass continues not to be in compliance with the terms of its bank credit
 agreement and is not able to borrow under that agreement.  The agent for
 Compass' lenders under the credit agreement has sent a letter to Compass
 reserving its rights, but to date has not sought to exercise any remedies
 under the credit agreement.
 
     Forward Looking Statements -- This release contains forward looking
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995, that involve risks and uncertainties, such as statements of the
 company's strategies, plans, objectives, expectations and intentions.  Actual
 performance, prospects, developments and results may differ materially from
 and all anticipated results.
 
 SOURCE  Compass Aerospace Corporation