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Microcap & Penny Stocks : ABTX - Agribiotech
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To: drakes353 who wrote (8078)7/1/1999 3:58:00 PM
From: Osothebear_517  Read Replies (1) of 8359
 
Hechinger's "news" has been out for three weeks. There is a maximum exposure of 2.3 M. Accounting for same is to be covered by bad debt allowance. As far as loss to bottom line, this problem is relatively minimal since margins would be low on a customer of this size. The debt was unsecured so ABTX will participate in proportional distribution (if any) with myriad other unsecured creditors.

Obviously, the end result in this matter is months away. It should be noted that Hechinger's filing is a Chapter 11 and not a liquidation bankruptcy. A workout of some type must be anticipated since the stores are continuing to operate in a debtor in possession status.
It is certainly nothing to be greatly alarmed about however I am sure that you find this story to be titillating.

OSO
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