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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (5730)	12/15/1998 9:17:00 AM
From: Serge Collins	Respond to of 24905

Remington announced this morning that they are not proceeding with the debenture offering and have retained financial advisors. I don't know what to make of this but the company is cash strapped and has to pay back $5 million by the end of this month and another $50 million by February 1999. Where will they get the money? At first blush this appears to be very bad news, although I would caution drawing any conclusions. One thing is obvious--the company is looking for someone to buy them out. If that doesn't occur, they will be in dire shape.