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COMPANY CONTACT: KRISHNAN P. THAMPI, PRESIDENT AND
CHIEF OPERATION OFFICER
JACK CALIOLO, CHIEF FINANCIAL OFFICER
631-694-1666 - TELEPHONE
[email protected]
FOR IMMEDIATE RELEASE
FAMILY GOLF CENTERS
SECURES FINAL APPROVAL FOR $15 MILLION IN DEBTOR-IN
POSSESSION FINANCING
Melville, New York, June 6, 2000 - Family Golf Centers, Inc. (FGCIQ)
announced today that it received final approval of the bankruptcy court of its
previously announced $15 million debtor-in-possession ("DIP") credit facility
from its existing working capital lender, The Chase Manhattan Bank. The company
said that the entire DIP facility is now available for, among other things,
funding working capital and other post-petition expenses of Family Golf and its
U.S. subsidiaries.
As previously announced, on May 4, 2000, Family Golf and all of its U.S.
subsidiaries filed voluntary petitions with U.S. Bankruptcy Court for the
Southern District of New York to reorganize under chapter 11 of the U.S.
Bankruptcy Code.
Family Golf Centers is an operator of golf centers in North America. The
company's golf centers provide a wide variety of practice and play
opportunities, including facilities for driving, chipping, putting, pitching and
sand play and typically offer full-line pro shops, golf lessons and other
amenities such as miniature golf and snack bars. The company also operates
sports and family entertainment facilities, including ice rinks and Family
Sports Supercenters. Currently, the company owns, operates and has under
construction 111 golf facilities and 19 ice rink and family entertainment
facilities in 23 states and three Canadian provinces.
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The matters discussed in this news release may be considered "forward-looking"
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934 as amended.
Prospective investors are cautioned that any such forward-looking statements are
not guarantees of future performance and involve a number of risks and
uncertainties including those as described in Family Golf Centers, Inc.'s 10K
for the year ended December 31, 1999; actual results could differ materially
from those indicated by such forward-looking statements.
