CCNMatthews - December 1, 2005
SMK Speedy International Inc. ("Speedy") announced the release of five million dollars of collateral held by its bank to the noteholders of its Senior Secured Subordinated Notes. These funds will be repaid to noteholders in early December.
Speedy has engaged a company to market the sale and leaseback of substantially all of its properties to commence earlier payment of the notes than required and, if successful, the company anticipates a transaction in the first quarter of 2006.
Speedy is a leading automobile service specialist with 90 company operated and 30 franchise stores under contracts with SMK Speedy International Inc.
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