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New Bank Agreement For Duro Industries

Duro Industries, Fall River, Mass., has negotiated new bank terms that significantly reduce the companys outstanding debt. The new agreement is for a three-year term and was reached between Duros owners and a consortium of seven banks. The agreement reduces Duros debt from approximately $86 million to $46 million. As a result, the banks will hold a majority stake in the equity of the company.Andraus, president, said that the new agreement, combined with some new contracts which Duro has won over the last few months, means stable employment levels at Duro for the near future.

February 2001