-100-
1The specific debtors on the consolidated debt
listed below are: (1) Sterling–-senior subordinated
notes; series B subordinated debentures; unsecured
notes, (2) TEI–-senior term notes (jointly with QCI);
subordinated notes (jointly with QCI); obligations
under capital lease, and (3) QCI–-contractual
obligations; unsecured notes payable; obligations under
capital leases.
2Sterling’s other debt was all subordinate to the
senior term notes and was restricted as to payment
unless Sterling met certain financial criteria. In
that this criteria had not been met as of the
applicable valuation date, the restrictions had in
previous years prevented Sterling from making any
payment on the senior subordinated notes, subordinated
notes, series B subordinated debentures, and unsecured
notes. As of Jan. 15, 1991, and Dec. 31, 1991 and
1992, the amount of accrued interest due but restricted
from payment was as follows:
Jan. 15, Dec. 31, Dec. 31,
Class of Debt 1991 1991 1992
Senior subordinated notes $347,765 $744,820 $1,194,431
Subordinated notes -0- 309,241 1,071,628
Series B subordinated debentures 291,132 488,889 711,294
Unsecured notes 48,645 82,936 129,198
687,542 1,625,886 3,106,551
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