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Microcap & Penny Stocks : ABTX - Agribiotech

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To: Area51 who wrote (8001)	5/15/1999 8:38:00 PM
From: taxman	Read Replies (1) of 8359

"paying the 20% penalty is a good thing" where do they get the money? regards AgriBiotech warned that it may need to raise more cash to finance current operations, as it remained out of compliance on March 31 with the terms of its $96.5 million revolving line of credit. It said it's still trying to amend its lending agreement. Cash on hand on March 31 slumped 53 percent to $4.45 million from $9.42 million on Dec. 31, as short term debt soared 43 percent to $98.3 million from $68.9 million during the period. Richard Budd, who replaced Johnny Thomas as chief executive in February, said the company is on track to slash annual expenses by $14 million. Budd didn't say where the cash will come from [to redeem the bonds] or how much cash the company has on hand. Anthony Blum, the AgriBiotech vice president who oversees communications and planning, hung up the phone when a reporter asked how the redemption would be financed. quote.bloomberg.com

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