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Strategies & Market Trends : Bankruptcy Predictor Model
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To: Razorbak who wrote (346)5/15/1999 3:12:00 PM
From: Taylor Mill  Read Replies (1) of 477
 
Razor

Did you see the current release from HHLAF??

Here's the important part:

"CALGARY, May 14 /CNW-PRN/ - Hurricane Hydrocarbons Ltd. announced today that it and its wholly owned subsidiary, Hurricane Overseas Services Inc., have obtained an Order from the Court of Queen's Bench of Alberta, Judicial District of Calgary, under the Companies' Creditors Arrangement Act.

The Order permits the Company the opportunity to implement its restructuring plan and stays all legal proceedings against Hurricane and HOSI for at least 30 days. The plan as previously announced provides for a full conversion of Hurricane's long-term debt obligations (having an original principal amount of approximately US$178 million) to common shares; the acquisition of OAO Shymkentneftegeorsyntez (''ShNOS''), the Kazakhstani company which owns the Shymkent refinery; and a new equity infusion.

Following the debt conversion and the acquisition but prior to the equity infusion, it is anticipated that existing shareholders and bondholders will hold an aggregate equity interest in Hurricane of 51% and the existing owners of ShNOS, an equity interest in Hurricane of 49%. The plan is subject to the satisfactory completion by both parties of extensive due diligence, legal documentation and stakeholder approval.

Deloitte & Touche Inc. has been appointed by the Court to act as Monitor."

I'd put a link in but I have never bothered to learn how.

It looks like they will stay alive but current shareholders will only own at most 5% of the recapitalized company. And that is before the equity infusion?? That is really taking a bath considering how long the investors have already been down in the tub.

Do you think I am interpreting this new capitalization the way they intended??
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