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Biotech / Medical : SABRATEK CORP (SBTK)

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To: Mike who wrote (463)	10/18/1999 10:06:00 AM
From: RockyBalboa	Read Replies (1) of 487

nearer to zero: Friday October 15, 6:53 pm Eastern Time Sabratek misses debt interest payment SKOKIE, Ill., Oct 15 (Reuters) - Sabratek Corp. said Friday it would miss a $2.4 million interest payment due Friday on its 6 percent convertible notes, the latest in a string of negative developments for the medical technology company. In a brief statement, Sabratek said that, if the interest payment on the notes was not made within 30 days, default would take place. The notes mature April 15, 2005. Sabratek said on August 23 that it might default on the notes after it delayed the filing of its second quarter results. At the time, Sabratek said the delayed earnings mightprevent it from satisfying its contractual obligations relating to some acquisitions. The company also said in August it hired advisers to help develop a restructuring plan and said its chairman and vice chairman had resigned. Two days after that, the company said two directors had resigned from the board. On August 2, Sabratek warned that its second quarter earnings would fall short of expectations. The company did not provide reasons for the shortfall. Sabratek shares closed down 1/8 at 1-1/8. biz.yahoo.com

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