NORTHFIELD, Ill. --Lori Corp., a costume jewelry and accessories supplier to mass marketers, has worked out a restructuring of its $22.7 million bank debt. Under the deal, the banks will receive 100,000 Lori common shares, 400,000 shares of Artra Group, here, owner of 64.3 percent of Lori, and at least $3.2 million in future cash payments. As part of the settlement, Artra contributed $1.5 million in cash to Lori for working capital. In the event of default on any terms of the agreement, the $22.7 million bank debt would be reinstated. As a result of the debt restructuring, Lori will record an $18 million extraordinary gain for debt forgiveness. For the three months ended June 30, Lori reported a loss before extraordinary items, of $1.5 million. A year ago, the loss before special gains was $1.7 million. Sales were up 2.4 percent to $9 million from $8.8 million. With the $18 million debt forgiveness, Lori would have shown a profit of $16.6 million. A year earlier, there was a debt forgiveness gain of $22 million, as a result of the emergence from Chapter 11 of Lori's New Dimensions Accessories subsidiary, and this produced a net profit of $20.3 million.
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