Anicom reaches agreement with senior lenders

Anicom Inc., Rosemont, Ill., which has been under investigation for possible accounting irregularities, said it has entered into a new agreement with its existing senior lenders. The senior lenders have agreed that, through Dec. 15, 2000, credit will remain available under the terms of the agreement and the lenders will not exercise remedies available to them resulting from Anicom's noncompliance with certain financial covenants. During this period, the company said it also is pursuing alternate sources of long-term financing.

In addition, Anicom said that it is continuing its investigation into certain accounting matters. Anicom President and CEO Carl Putnam and CFO Donald Welchko recently announced their resignations. They had been on administrative leave since the investigation began in July. Thomas J. Reiman, chairman of the board, is acting as interim president and CEO. "We all want to resolve this situation as quickly as possible," Reiman said. "But due to the complexity of the accounting issues involved, this is a process that takes time."

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