American Color Graphics reports 97.6% of non-interest bearing noteholders agree to maturity extension

By Caroline Salls

Pittsburgh, March 17 - American Color Graphics, Inc. has reached an agreement with holders of 97.6% principal amount of its non-interest bearing senior secured notes due 2008 to extend the notes' maturity and cancel the notes following the merger of ACG Holdings, Inc., according to an 8-K filed with the Securities and Exchange Commission.

The maturity date of the 2008 notes will be extended to the later of June 15 and the date on which the June 15 interest payment on the company's 10% senior secured notes due 2010 becomes due without default or penalty. The notes were previously scheduled to mature on March 15.

In addition, American Color Graphics said holders of 90% of the principal amount of the 2010 notes have agreed to amend notes indenture covenants to subordinate the rights and remedies of the trustee and the 2010 noteholders to the rights and remedies of 2008 noteholders in connection with junior liens.

American Color Graphics is a Brentwood, Tenn., pre-media and print company.

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