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Microcap & Penny Stocks : FMA / FracMaster

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To: AL Berta who wrote (107)	4/19/1999 7:33:00 AM
From: blue_chip	Read Replies (1) of 233

Globe says Fracmaster gets extension for bankruptcy protection Fracmaster Ltd FMA Shares issued 47,888,492 Apr 16 close $0.94 Mon 19 Apr 99 In the News The Globe and Mail reports in its Saturday, April 17, edition that an Alberta court has agreed to keep the creditors at bay for another 12 days for insolvent Fracmaster, which has announced it expects offers to purchase all or part of its assets, or to buy a stake in the oil field services company. The Globe's Steven Chase writes that United States oil field services giants that might be expected to show an interest in buying Fracmaster assets include BJ Services, Halliburton Co. and Schlumberger. A recent report by court-appointed monitor Arthur Anderson Inc. also shows Fracmaster's cash-short condition is expected to continue through the second quarter of 1999, with a forecast shortfall of $2.1-million for the period March 19 to June 30. An Alberta court extended bankruptcy protection for Fracmaster to April 30 from April 18, to give the firm more time to come up with a new game plan. However, Fracmaster's lawyer acknowledged in court that this might not be the only extension the company would seek. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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