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Gold/Mining/Energy : Western Water Resourses WWTR:NASDAQ

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From: Done, gone.	5/25/2005 11:26:44 AM
	of 15

Form 8-K for WESTERN WATER CO 24-May-2005 Bankruptcy or Receivership Item 1.03. Bankruptcy or Receivership. On May 24, 2005, Western Water Company (WWTRRE) ("the Company") filed a voluntary petition in the United States Bankruptcy Court, Northern District of California, Oakland Division seeking reorganization relief under Chapter 11 of the Bankruptcy Code. The proceeding has been assigned Case No. 05-42839. As a result of the commencement of the bankruptcy process, the Company does not expect to be able to either complete an audit of its consolidated financial statements for the fiscal year ended March 31, 2005 or file its annual report on Form 10-K on a timely basis. The Company intends to continue to operate its business and manage its affairs as a debtor-in-possession pursuant to provisions of the Bankruptcy Code. The Company has executed a loan commitment for debtor-in-possession financing through a Denver area commercial bank. Consistent with the loan commitment, the Company plans to seek approval of the Bankruptcy Court for the debtor-in-possession financing which will provide administrative priority for repayment and will be secured by the Company’s Cherry Creek Project in Colorado. This report contains statements that qualify as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995, including statements about the intentions of the Company with respect to the bankruptcy proceeding, continuity of the Company's affairs, and the terms of proposed financing. These forward-looking statements are based on current beliefs and expectations, and the Company assumes no obligation to update this information. The Company’s actual results may differ materially from those in the forward-looking statements due to various factors, including those discussed in the Company’s annual and periodic reports filed with the Securities and Exchange Commission. biz.yahoo.com

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