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*** KNIC ALERT ***
Everyone please check out the After da bell news at: quote.yahoo.com
Here's just one article of three:
L. L. Knickerbocker and All Convertible Debenture Holders Reach Agreement to Restructure Debenture Terms
RANCHO SANTA MARGARITA, Calif., Feb. 12 /PRNewswire/ -- The LL Knickerbocker Company Inc today announced that it has reached an agreement with all the Debenture holders restructuring the terms of its Convertible Debentures.
The new two-year 7% Convertible Debentures for the outstanding principal balance as of January 31, 1997, which will be issued to the Debenture holders in exchange for the 7% Convertible Debentures originally issued by the Company on September 25, 1996, are convertible into shares of common stock of the Company at a fixed conversion price of $8.00 per share, eliminating the fluctuating floor price of $5.25 and ceiling of $12.00 contained in the original Debenture terms. In lieu of the 15% discount from market privilege associated with the old Debentures, the new Debentures will have a 17.5% accretion to principal. The new Debentures may not be repaid or redeemed by the Company prior to maturity. In the event any Debentures remain outstanding on January 31, 1999 the Company may at its option repay the Debentures either in cash or common stock calculated at $8.00 per share. Conversion notices received by the Company as of January 16, 1997 will be converted at $8.00 per share.
Louis L. Knickerbocker, Chairman & CEO, said "We are satisfied that the restructuring represents an equitable solution for the Company, the shareholders and the Debenture holders."
This is excellent news......stock up.
Steve |
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