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March 25, 2005 / 4:46 PM

Krispy Kreme gets debt extension

WASHINGTON, March 25 (UPI) -- Krispy Kreme Doughnuts, Inc. of Winston-Salem, N.C. said Friday that lenders have granted it extra time to turn in its financial statements and avoid default.

Krispy Kreme said it now has until April 11, 2005, the date on which an automatic default would occur by reason of its failure to deliver financial statements for the quarter ended Oct. 31, 2004.

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The company is currently negotiating with a new lending group to obtain new credit facilities. Any new loans would be used to repay in full the lenders under its current credit facility, and for general corporate purposes. However it isn't yet known whether Krispy Kreme can obtain the new credit facilities.

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