Friendly Ice Cream anticipates violating covenants at Jan. 2; looks at options

By Sara Rosenberg

New York, Oct. 29 - Friendly Ice Cream Corp. expects to fall out of compliance with some quarterly financial covenants under its $35 million revolving credit facility at Jan. 2, 2005 and is looking for a covenant waiver, amendment, or new credit facility to fix the problem, according to a 10-Q filed with the Securities and Exchange Commission Friday.

The company was already in violation of these quarterly financial covenants at Sept. 26 and managed to get a limited waiver on Oct. 19 to correct the non-compliance.

Friendly Ice Cream is a Wilbraham, Mass.-based operator of full-service restaurants and manufacturer of ice cream desserts.

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