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Technology Stocks : Vidikron Technologies Group (VIDIC)

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To: Tomas who wrote (777)	7/26/1999 3:13:00 PM
From: Bruce Young	Read Replies (1) of 782

From the Wall Street Journal -- Does not look good. (of course I have long ago given up on this dog) *********** PNC Bank Exercises Right Of Setoff Vs Vidikron Unit JERSEY CITY, N.J. (Dow Jones)--PNC Bank Corp. (PNC) exercised its right of setoff against all of Vidikron of America Inc.'s funds in accounts maintained at PNC Bank branches. In a press release Monday, Vidikron, part of Vidikron Technologies Group Inc. (VIDI), said PNC Bank has started sending letters to its customers notifying them to send payments directly to the bank. Vidikron said the agreement with PNC Bank requires Vidikron to maintain its accounts and deposits. As a result of PNC's actions, Vidikron and its unit may find it necessary to seek protection from creditors under Chapter 11 of the Bankruptcy Code. Vidikron has begun a number of actions to avoid a bankruptcy filing, including negotiating for an infusion of new capital and the conversion of some debt to equity. Vidikron is also in talks for a change in the terms of certain outstanding securities. Vidikron said it has signed non-binding term sheets with certain of its creditors and security holders. Despite these actions, the company said there is no guarantee against a bankruptcy filing. Vidikron provides services for the home theater industry. -Sam Favate; 201-938-5400

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