LV firm settles with lenders

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Tuesday, Oct. 17, 2000 | 11:12 a.m.

On Stage Entertainment Inc. of Las Vegas, which had been in default with its lenders, said it renegotiated its debt with Imperial Credit Commercial Mortgage Investment Corp. and First Security Bank.

Imperial exchanged its credit to the company of about $10 million for 4,061,122 shares of common stock, On Stage said.

As part of the deal, On Stage's new chief executive, Timothy Parrott, bought 2,630,000 shares from Imperial, On Stage said.

On Stage said it renegotiated its only remaining debt of approximately $1.2 million with First Security.

On Stage produces and markets theatrical productions and operates live theaters and dinner theaters worldwide. Its Las Vegas show is Legends in Concert at the Imperial Palace.