La Petite obtains waiver through June 30 on failure to provide financial information

By Sara Rosenberg

New York, June 4 - La Petite Academy Inc. received yet another limited waiver from lenders, this time regarding the company's failure to provide financial information for the 44-week fiscal period ended May 3, 2003 to the lenders. The company intends to continue discussions with lenders regarding a permanent waiver of the defaults during the waiver period, which expires on June 30.

Specifically, the company overstated income before taxes for the 32-week fiscal period ended Feb. 8, 2003; the company has failed to provide lenders with the financial information for the 36-week fiscal period ended March 8, 2003; the company has failed to provide lenders with the financial information for the quarters ended Oct. 19, 2002 and Jan. 11, 2003; the company has failed to provide lenders with a list of all material assets acquired during the four-week fiscal period ended March 8, 2003; and, the company failed to file by April 15, 2003 its quarterly reports on Form 10-Q for the fiscal quarters ended Oct. 19, 2002 and Jan. 11, 2003, according to a filing with the Securities and Exchange Commission.

U.S. Bank is the administrative agent on the credit facility.

La Petite is a Chicago, Ill. operator of preschool and childcare facilities.

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