Hallwood to pay overdue debenture interest on Nov. 30

New York, Nov. 9 - The Hallwood Group Inc. said it will pay the overdue interest on its 10% collateralized subordinated debentures on Nov. 30.

Holders on the record date of Nov. 20 will receive interest that should have been paid on July 31 and Oct. 31 plus interest on the interest at the rate of 10% for a total of $51.04 per $1,000 principal amount. The debentures mature July 31, 2005.

Dallas, Texas-based Hallwood defaulted on the interest payments but subsequently reached agreement with holders of a majority of the outstanding principal amount of the bonds to waive the default and rescind the acceleration of principal. Hallwood said it has taken all the other steps needed to enable the acceleration to be rescinded.

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