Funeral giant Loewen reprieved by lenders

Article Abstract:

Loewen Group Inc, the second-largest funeral home and cemetery operator in North America, has been given a reprieve from its financial woes when it secured a deal with its 25-member banking syndicate. The company would have been forced to seek bankruptcy protection if not with the deal that eased up loan agreements on a $600-mil line of credit. According to Loewen Chairman John Lacey, the deal will give enough room for the company to recover.

Receipt of funds

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Loewen takes huge writedowns

Article Abstract:

Loewen Group Inc, the second-biggest funeral firm in North America, reported its after-tax writedowns of $604 mil for fiscal year 1998. The writedowns comprise of the sale of small cemeteries in New York, NY, the sale of several cemeteries in Puerto Rico for $16 mil and $333.9 mil in pretax losses pertaining to the sale of three funeral homes and 124 cemeteries to McCown De Leeuw & Co, a New York, NY-based investment group, for $193 mil.

Funeral service and crematories

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