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Non-Tech : Cityscape Financial (CTYS) -- Ignore unavailable to you. Want to Upgrade?

To: Milk who wrote (2465)	6/2/1998 11:29:00 AM
From: Brooks Jackson	Respond to of 2544

Yup, looks like the end. They are going for Chapter 11 and a "complete writeoff" of common stock. From the 8K: "The Company presently intends to file a Chapter 11 petition and plan of reorganization in what is commonly known as a "prepackaged" bankruptcy filing within 60 days and to seek approval of its disclosure statement and confirmation of its plan shortly thereafter. The Proposed Restructuring, if approved, will significantly reduce outstanding indebtedness, eliminate mandatory cash interest payments and restore net worth. To achieve these objectives, the Proposed Restructuring will (i) result in a complete write-off of the Company's currently outstanding Common Stock, (ii) an extreme impairment of the Company's preferred stock, (iii) a severe impairment of the Company's Convertible Debentures and (iv) a substantial impairment of the Company's Senior Notes. "