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Technology Stocks : CAWS - Wireless Cable (New and Improved) -- Ignore unavailable to you. Want to Upgrade?

To: VanGo101 who wrote (5477)	7/31/1998 11:16:00 AM
From: FraudBuster	Read Replies (2) \| Respond to of 5812

Van... Thank you for your assistance. Here is the article that appeared in yesterday's Dow Jones Newswires: July 30, 1998 CAI Wireless Creditors Support Prepackaged Bankruptcy Dow Jones Newswires ALBANY, N.Y. -- CAI Wireless Systems Inc. (CAWS) began a prepackaged bankruptcy with the support of its creditors by filing a petition for relief under Chapter 11 in Federal Bankruptcy Court in Delaware. In a press release Thursday, the operator of wireless cable systems said that of the creditors who voted in its prepetition solicitation of consents, 99.9% of its 12 1/4% senior notes due 2002 and 92.3% of its subordinated notes voted in favor of the plan of reorganization. CAI said under the plan, holders of the senior notes, in cancellation of their existing securities, would receive new six-year senior notes in the initial principal amount of $100 million and about 91% of the common equity of the reorganized company, while holders of the subordinated notes would receive the remaining 9%. The company said holders of its senior secured debt have been repaid in full with about $48 million of a new debtor-in-possession financing facility. The company said, however, that existing shareholders will not receive any distribution and their shares will be extinguished under the plan. CAI Wireless also said the bankruptcy court set Sept. 9 as the date for a confirmation hearing on the company's plan. Copyright c 1998 Dow Jones & Company, Inc. All Rights Reserved. Thanks Again!