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Technology Stocks : Zenith - One and Only -- Ignore unavailable to you. Want to Upgrade?

To: MJ who wrote (6425)	11/5/1999 10:03:00 AM
From: FESHBACH_DISCIPLE	Respond to of 6570

Here is another case of judge not caring and the fighter this time was deloitte and touche not robert utne.So cut this is a precedent spiel. This happens everyday in corporate bankruptcies. Friday November 5, 9:07 am Eastern Time Company Press Release Court Dismisses Final Objections to Philip Services' CCAA Plan of Reorganization HAMILTON, ONTARIO--(BUSINESS WIRE)--Nov. 5, 1999--Philip Services Corp. (TSE:PHV. - news; ME:PHV. - news) today announced that Mr. Justice Blair of the Ontario Superior Court of Justice has dismissed the motions of Deloitte & Touche and other parties attacking the Company's Amended and Restated Canadian Plan of Compromise and Arrangement (``the Canadian Plan'). This should allow Philip to complete its financial reorganization on schedule in both the United States and Canada by November 30, 1999. In rendering his decision, Justice Blair recognized the need for Philip to complete a timely Canadian financial reorganization, for the benefit of its suppliers, customers and its more than 2,000 Canadian employees, who will continue to deal with and to be employed in the ongoing business operations. The ruling removes the only outstanding objections to the Company completing its financial reorganization under the Companies Creditors' Arrangement Act (``CCAA'). The Company will proceed with a vote of its secured creditors to confirm their support of the Canadian Plan. Philip will then seek final Court approval of its financial reorganization under the CCAA. The Company is confident that the Canadian Plan will be approved at a hearing to be scheduled in the near future. Under the Canadian Plan, the assets of the Company's Canadian businesses will be transferred as a going concern to two newly incorporated Canadian companies. Philip will continue to operate its Canadian businesses under these new legal entities and honour its ongoing contractual and business obligations to its employees, clients and trade suppliers. ``This is great and exciting news for our Canadian restructuring and our entire Company,' said Anthony Fernandes, President and Chief Executive Officer. It removes the final hurdle to moving ahead with completing our Canadian financial reorganization. Combined with the positive results this week from the U.S. Court, we are on track and moving forward with confidence.`` Philip Services is an integrated metals recovery and industrial services company with operations throughout the United States, Canada and Europe. Philip provides diversified metals services, as well as by-products management and industrial outsourcing services, to all major industry sectors. Contact: Philip Services Corp. Lynda Kuhn, 905/ 540-6658