TEXSTYRENE &lt;FOAM> SUSPENDS PREFERRED PAYMENTS

  Texstyrene Corp said it has
  suspended quarterly cash dividend payments on its 9.5 pct
  convertible exchangeable preferred stock.
      The suspension effects the March 15 payment, and it said it
  does not expect to pay preferred dividends in the forseeable
  future.
      It said the payments were suspended because of certain
  covenants contained in its loan agreements. A spokesman said
  the company's loss of 2,115,000 dlrs for the first 11 months as
  a public company did not meet an income condition on the loans,
  leading to the suspension.
      The maker of foam cups, food containers and other products
  said it had 733,332 outstanding preferred shares, which had
  been privately placed.
      The dividend payments on the shares amounted to 1,045,000
  dlrs per year, the spokesman said.
  

