Brick buys back all C$9.86 million of its 12% debentures due 2014

By Ashley Montgomery

Kansas City, Kan., Dec. 9 - Brick Ltd. repurchased all of its C$9,861,000 of 12% senior secured debentures due May 30, 2014, the company announced in a news release.

The repurchase was made with available cash, the release said.

The debentures were held by Chou Associates Management Inc.

"This opportunity to buy back debentures is an effective way for the Brick to use its available cash by lowering its costs of debt financing" said Bill Gregson, president and chief executive officer of the Brick Group in a news release. "As one of our shareholders, Chou identified the value to the company of the debenture buyback and we are pleased that we were able to reach an agreement."

The Brick Group, based in Edmonton, Alta., is a household furniture, appliance, and electronics retailer.

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