Friendly Ice Cream discusses options to avoid non-compliance with financial covenants

By Sara Rosenberg

New York, Nov. 9 - Friendly Ice Cream Corp. is talking to lenders about a covenant waiver and amendment under its credit facility because it expects to be unable to comply with certain financial covenants at Jan. 1, 2006, according to a 10-Q filed with the Securities and Exchange Commission Wednesday.

If the company is unable to come to an agreement, it may end up seeking a new credit facility, the filing said.

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

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