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Technology Stocks : Nam Tai Elec. (NTAI) -- Ignore unavailable to you. Want to Upgrade?

To: M. Merriam who wrote (1609)	7/2/1999 3:07:00 PM
From: Dick Martin	Read Replies (1) \| Respond to of 1696

Albatronics proposes voluntary winding up HONG KONG, July 2 (Reuters) - Audio components supplier Albatronics (Far East) Co Ltd said on Friday its directors will put a proposal to shareholders for the voluntary winding up of the company, which is insolvent. Trading of Albatronics shares was suspended on Friday morning at the company's request, the company said in a statement. ''In view of the liabilities of the company, the directors consider that the company cannot continue its business and it will be in the interest of the company to wind it up voluntarily,'' it said. Albatronics said in mid-June it might have to be liquidated after it failed to clinch a debt restructuring plan with banks and a major trade creditor. The plan was submitted on May 27 by Nam Tai Electronic Inc (Nasdaq:NTAI - news) to buy a HK$50 million unsecured portion of the debt of Albatronics owed to the bank group and the major trade creditor. The remaining HK$545 million debt outstanding would be waived. Friday's statement said it was expected that an extraordinary general meeting to consider and approve the liquidation proposal and to appoint a liquidator, along with a creditors' meeting in respect of the appointment of a liquidator or a committee of inspection, would be held by mid-August.