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Microcap & Penny Stocks : Phone-Tel Tech. (PHTE and PHTEW)
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To: leigh aulper who wrote ()7/15/1999 6:18:00 PM
From: leigh aulper   of 17
 
CLEVELAND--(BUSINESS WIRE)--July 15, 1999--PhoneTel Technologies Inc. (OTC BB:PHNT)--The company announced today that it has commenced a prepackaged reorganization in the United States Bankruptcy Court in New York in order to confirm the previously announced plan of reorganization (the "Prepackaged Plan").

The Prepackaged Plan has been accepted by the requisite number of the company's 12 percent Senior Noteholders and its 14 percent Cumulative Redeemable Convertible Preferred Stockholders. Pursuant to the Prepackaged Plan, claims of PhoneTel's employees, trade and certain other creditors of the company, other than Senior Note claims, would be paid in full, with the company and such creditors retaining their respective rights and defenses with respect to such claims.
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