Phone-Tel Tech. (PHTE and PHTEW) Message Board

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Microcap & Penny Stocks : Phone-Tel Tech. (PHTE and PHTEW)

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To: leigh aulper who wrote ()	10/22/1999 6:49:00 PM
From: leigh aulper	of 17

PhoneTel Technologies Inc. Announces Confirmation of Prepackaged Plan of Reorganization CLEVELAND--(BUSINESS WIRE)--Oct. 22, 1999--PhoneTel Technologies, Inc. (OTC BB:PHNT) announced today that its prepackaged plan of reorganization (the "Plan") has been confirmed by the United States Bankruptcy Court for the Southern District of New York. Confirmation of the Plan is among the final steps required to implement the restructuring of the Company. Pursuant to the terms of the Plan, PhoneTel will convert its 12% Senior Notes due in 2006 (the "Senior Notes") into approximately 95% of the reorganized Company's common stock, with current equity holders sharing in the remaining 5%. Claims of employees, trade and other creditors of the Company, other than holders of the Senior Notes, will be paid in full by the Company in the ordinary course unless otherwise agreed. The Company intends to implement the Plan within the next 45 days and thereby complete the restructuring. Shareholders of the Company will receive information within that period with respect to the distribution of shares in the reorganized Company.

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