WASHINGTON -- GlenFed Inc. said it may not be able to make interest payments on its subordinated debt, due March 1993, which could force it into involuntary bankruptcy.

In its 10-K filing with the Securities and Exchange Commission, the California thrift holding company said regulators had ordered it to repay $2.1 million this month to its subsidiary, Glendale Federal Bank.

GlenFed said that, if regulators insist upon repayment before March 1993, "the company does not expect to have sufficient cash or liquid assets to make the next annual interest payment on its outstanding convertible subordinated debentures due March 1993."

Can't Collect Thrift Dividends

Bondholders might then initiate involuntary bankruptcy proceedings, GlenFed said Thursday.

Regulators have forbidden GlenFed to get dividends from its thrift.

"Unless the company is able to gain access to an alternative source of funds or to restructure the debentures prior to the due date for the interest payment, it may be forced to default on the debentures, which could result in the initiation of bankruptcy proceedings," the SEC filing said.

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