New Pressure Put on Strapped Campeau

Beleaguered Campeau Corp. came under added financial pressure Tuesday when a major creditor of the real estate and retailing concern refused to extend a limited standstill agreement between the companies.

The creditor, Ohio shopping mall developer Edward J. DeBartolo Corp., now is potentially a short step closer to calling in the $480-million loan it made to Campeau in 1988 and seizing assets pledged as collateral.

Among the assets backing the loan is 84% of the stock of Ralphs Grocery Co. But officials of the Compton-based supermarket chain and analysts dismissed the possibility that the company will change hands--at least, that is, any time soon. They said Ralphs is shielded from any action by DeBartolo largely because the Campeau unit that is Ralphs’ U.S. parent, Federated Stores Inc., is operating under Chapter 11 bankruptcy court protection.

“There’s no way DeBartolo can seize (Ralphs) until going through bankruptcy court, so there’s no short-term threat,” said Sheila O’Connell, an analyst with the investment research firm Duff & Phelps.

A spokesman for Toronto-based Campeau, which is struggling to avoid going into bankruptcy itself in Canada, minimized the DeBartolo move. The spokesman, Richard Wertheim, noted that the standstill pact that expired Monday required only that DeBartolo provide nine days’ notice before claiming Campeau assets.

“He now can just go ahead any time he wants,” Wertheim said.

Sources familiar with the negotiations speculated that DeBartolo is trying to apply extra pressure to reach a favorable settlement with Campeau. Among the other assets backing the $480 million are interests in five U.S. shopping centers not included in Campeau’s U.S. bankruptcy filings.

Campeau also owns office buildings and shopping centers in Canada.