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Article: Philip Services Presents its Debt Restructuring Plan to its Lenders.
- Article from:
- Business Wire
- Article date:
- December 16, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HAMILTON, Ontario--(BUSINESS WIRE)--Dec. 15, 1998--(TSE:PHV.) (ME:PHV.) (NYSE:PHV) Philip Services Corp. today announced that it has presented a comprehensive debt restructuring plan to its secured lenders. Philip expects a prompt response from its lenders, with final negotiations on a definitive plan to conclude early in the new year.
The Company's proposal provides for the conversion of a portion of its existing secured debt into equity in an amount to be negotiated with its secured lenders. Under the Company's proposal, existing shareholders would receive ten percent of the equity in a restructured company, and the Company's obligations to employees and trade ...