Menu Foods Income Fund
TSX : MEW.UN

Menu Foods Income Fund

November 15, 2005 13:34 ET

Menu Foods Receives Consent and Forebearance From Noteholders

TORONTO, ONTARIO--(CCNMatthews - Nov. 15, 2005) –

Attention Business/Financial Editors

NOT FOR RELEASE OVER US NEWSWIRE SERVICES

Menu Foods Income Fund announced today that it has received the consent of each of the holders of its senior secured notes to make the previously announced distribution to its unitholders on November 15, 2005 (being today), as well as an equivalent distribution on December 15, 2005. Menu Foods also received from each of the noteholders a forebearance in respect of the default under the terms of the senior secured notes.

The forebearance provides that the noteholders will disregard the existing default under the terms of the senior secured notes until December 31, 2005. During the period between now and December 31, Menu Foods and the noteholders will work together to structure a longer term solution, which solution may involve a suspension of distributions to unitholders after December 15, 2005. The management of Menu Foods is currently in the process of exploring various options, including a decrease in its indebtedness, though there can be no assurances as to their success.

Menu is the leading North American private-label/contract manufacturer of wet pet food products sold by supermarket retailers, mass merchandisers, pet specialty retailers and other retail and wholesale outlets. Menu currently produces more than one billion containers per year.

Contact Information

  • Menu Foods GenPar Limited
    Mark Wiens
    Chief Financial Officer
    (905) 826-3870