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Microcap & Penny Stocks : Advance Gaming Technologies Inc. (AGTI) -- Ignore unavailable to you. Want to Upgrade?

To: SCOOBEY-DO who wrote (4508)	8/19/1999 10:12:00 AM
From: SCOOBEY-DO	Read Replies (1) \| Respond to of 4539

I found this interesting in the 10-QSB: Advanced Gaming Technology, Inc. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998 (Unaudited) The company filed for reorganization under chapter 11 of the U. S. Bankruptcy Code on August 26, 1998. Since that time, efforts have been focused on developing a new operating strategy and completing the reorganization process. The company filed a plan of reorganization in December of 1998. The company's plan and disclosure statement was approved by the bankruptcy court in March 1999. The plan of reorganization was confirmed by the bankruptcy court on June 29, 1999. The plan becomes effective on August 19, 1999. On the effective date of the plan the company will undergo a substantial restructuring of its balance sheet and financial position. Liabilities subject to compromise will be reduced to $2.6 million. The remainder of the liabilities will be converted to equity, paid or eliminated based on the treatment provided in the court approved plan. The $2.6 million will consist of two long-term notes payable to creditors secured by the company's real estate near Branson, Missouri. Administrative and priority claims of approximately $200,000 will be paid on the effective date. On or before the effective date the company will receive $1 million in cash from capital contributions of new investors and the settlement of outstanding litigation. The current common stock of the company will be cancelled. New common stock consisting of approximately 21 million shares will be issued to creditors, current shareholders and new investors in accordance with the terms of the court approved plan. The company expects to have operating capital of approximately $700,000 after payment of administrative and priority claims and operating expenses.