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Gold/Mining/Energy : Harnischfeger (HPH)
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To: sepku who wrote (7)6/8/1999 9:57:00 AM
From: Jordan Electron  Read Replies (2) of 57
 
Not really! The "Polish Moon" is the huge
lighted clock tower of Rockwell Allen-Bradley,
that still glows brightly in the night over
Milwaukee. Rockwell is expanding staff in
Milwaukee too. Chase Securities has just provided
$750 million of debt financing to Harnischfeger.
Midwest Research of Cleveland commented that this
financial committment would provide time and liquidity.
Harnischfeger's Robert Hoffman expects to be out of
Chapter 11 within two years. Currently HPH has assets
of $2.87 billion and debts of $2.27 billion. That is
a lot better than many other bankruptcies. Also business
volume is firm: layoffs are not planned. If Asian
markets improve, a major problem of Asian firms owing
HPH money could be solved.
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