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To: TheNoz who wrote (9414)	6/7/1999 2:22:00 PM
From: TheNoz	Respond to of 59879

A friend faxed me an article from Pointcast on HPH, exceprts: In connection with its Chapter 11 filing, HPH said it has received commitments for debtor-in-possession financing of $750 million which will allow the company to continue paying its employees and provide benefit programs. HPH said it will cease paying interest on its debt, including its publicly traded debentures. At the time of the Ch 11 filing, HPH debt totaled about $1.3 billion... "In the company's view, staying out of Ch 11,...could well have led to a far worse situation and potentially a greater loss of value for creditors as well as equity holders", said Chairman Robert Hoffman. The US operating subsidiaries included under the filing are Joy Mining Machinery (underground mining), P&H Mining Equipment (surface mining) and Beloit Corp. (pulp and paper making equipment). The company's non-US subsidiaries are excluded from the filings, and are not expected to file bankruptcy, the company said. REUTERS