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Microcap & Penny Stocks : ASK: "THE LAST DON" OF MOMENTUM TRADES -- Ignore unavailable to you. Want to Upgrade?

To: MoneyMade who wrote (1385)	12/28/1998 9:51:00 AM
From: Mr Metals	Respond to of 15987

LOLTOOREALHARD...He sounds like a "YOU KNOW WHAT TOO"....LOL MM

To: MoneyMade who wrote (1385)	12/28/1998 10:11:00 AM
From: MoneyMade	Read Replies (2) \| Respond to of 15987

JumboSports Inc. Files Chapter 11 Petition With Majority Support Of Unsecured Creditors Company Projects Early Emergence From Chapter 11 Normal Business Operations to Continue During Reorganization TAMPA, Fla., Dec. 28 /PRNewswire/ -- JumboSports Inc. (NYSE: JSI - news) today announced that it has filed a voluntary petition under Chapter 11 of the Bankruptcy Code in order to facilitate a planned financial restructuring. The Company filed the petition late yesterday in the United States Bankruptcy Court in Tampa, Florida, Judge C. Timothy Corcoran, III presiding. JumboSports said that while it is not in default on any of its debt obligations, management elected to pursue a Chapter 11 reorganization so that it can assure its creditors, employees and customers that it will continue to operate in the normal course of business while it completes its planned restructuring. JumboSports said it entered Chapter 11 with sufficient cash to fund its business operations during the reorganization proceeding. The Company has sought and expects to receive the Court's approval to pay for the post-petition delivery of goods and services in the ordinary course and to pay employee salaries, wages and benefits without interruption. JumboSports said that its decision to seek Chapter 11 protection was supported by the ad hoc committee representing holders of its 4.25% convertible notes, due November 2000. These bonds, in the aggregate, represent more than half of the Company's unsecured debt. The Company intends to develop a plan of reorganization that will, among other things, convert at least some of the unsecured debt to equity. Jack Bush, Chairman and Chief Executive Officer, said, ''Filing under Chapter 11 now is in the best interest of JumboSports. This allows us to call a 'time out' with our creditors while we work to develop a plan of reorganization that puts the Company back on the right track with a reduced debt burden and improved profitability.'' JumboSports said that its performance in recent years had weakened due to intense competition in the retail sectors in which it operates -- name brand sports equipment, athletic apparel and footwear. The Company has for the past 11 months worked to improve operating performance by closing unprofitable stores, monetizing non-productive real estate and streamlining operations to improve inventory control and marketing. The Company said that while progress has been made in these areas, and comparable sales trends in the past three months have improved, operating results were not improving quickly enough to make an out-of-court restructuring feasible. JumboSports said that it believes a reorganization under Chapter 11 will also facilitate efforts to attract third party equity into the Company. The Company said that it expects to quickly complete its reorganization and emerge from Chapter 11 as a stronger, more viable competitor. Tampa-based JumboSports Inc. operates 59 sporting goods superstores in 23 states, including two new stores in Florida. The Company is a full-line retailer of quality name brand sports equipment, athletic apparel and footwear. Statements or estimates contained in this release which are not historical facts are forward-looking statements subject to the Safe Harbor created by the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements are those containing words such as ''may,'' ''will,'' ''expect,'' ''believe,'' ''anticipate,'' or ''intend,'' or words of similar impact. We caution you that, as a result of a number of factors, actual results could differ materially from those set forth in this press release. All forward-looking statements included in this press release or in any other press release of the Company are made as of the date of the release, and JumboSports does not undertake any obligation to update any such statements. Additional detailed information concerning a number of these factors is readily available in statements and reports which JumboSports Inc. has filed with the Securities and Exchange Commission. Copies of these reports are available from JumboSports Inc. SOURCE: JumboSports Inc. -------------------------------------------------------------------------------- More Quotes and News: JumboSports Inc (NYSE:JSI - news) Related News Categories: retail