It appears that negotiations between Byron Hero’sContinental Group and majority shareholder HdP are still stuck on the thornyissue of how to resolve the $300 million in debt. Cross holdings between HdPand its banks put the seller in a position where it feels obligated to protectlenders. A buyer, it can be supposed, would likely want a deal involving a verylong-term payout that is based on a turnaround rather than iron clad guaranteesup front. Reconciling these issues will not be easy.

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