What do you know that the rest of the world doesn't? Will the Phoenix rise from the dead?
dljdirect.com
ST. PETERSBURG, Fla., Dec. 3 /PRNewswire/ -- Phoenix Information Systems
Corp. ("Phoenix")(OTC Bulletin Board: PHXS) announces that after an extensive
and unsuccessful search for permanent financing it has determined to seek
protection under Chapter 11 of the Bankruptcy Code.
The Company also announces that, subject to court approval, it has
arranged for debtor-in-possession financing and a sale of all its major assets
for $20 million to S-C Phoenix Partners, a major shareholder. As part of the
terms and conditions of the sale, the Company has agreed to a $1 million
breakup fee and a non-solicitation arrangement that prohibits the Company from
actively seeking other buyers or offers of financing.
SOURCE Phoenix Information Systems Corp.
-0- 12/03/97
/CONTACT: Paul Henry, Director, or Michael Gordon, Investor Relations,
800-664-7472 or 813-894-8021, both for Phoenix Information Systems/
(PHXS)
CO: Phoenix Information Systems Corp.
ST: Florida
IN:
SU: BCY
|
