Interest Payment Missed: Gibraltar Financial confirmed that...

Interest Payment Missed: Gibraltar Financial confirmed that it will not make a $1.02-million interest payment to bondholders on its 9.25% convertible subordinated debentures due in 2008. The payment was due Thursday. In a statement, Gibraltar Financial said non-payment will lead to a default if payment is not made by July 1. Gibraltar Financial is strapped for cash because its operating subsidiary, Gibraltar Savings, was placed in government receivership in late March and skipped a $1.2-million interest payment to the parent company last month. That interest payment was due on bonds issued by the savings and loan and held by Gibraltar Financial. In the same announcement, Gibraltar Financial said its annual stockholders meeting, scheduled for June 16, has been postponed indefinitely.