UPI was granted a grace period by its creditors.
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The 90-day debt moratorium was announced by a lawyer for the creditors after meetings between representatives of 10 major creditors and United Press International in the offices of AT&T;, which is owed more than $6 million in unpaid communications bills. Other creditors represented included American Express, RCA, Lectronics Systems and Gemstar Rental Electronics. UPI news reports have put the debt around $17 million. Sources among the creditors have told Reuters that UPI’s liabilities total $45 million.
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