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Strategies & Market Trends : Bankruptcy Predictor Model -- Ignore unavailable to you. Want to Upgrade?

To: Taylor Mill who wrote (349)	5/15/1999 6:18:00 PM
From: Razorbak	Respond to of 477

Hurricane Hydrocarbons Ltd. - CCAA Court Order Obtained biz.yahoo.com Friday May 14, 9:20 pm Eastern Time Company Press Release SOURCE: Hurricane Hydrocarbons Ltd. Hurricane Hydrocarbons Ltd. - CCAA Court Order Obtained CALGARY, May 14 /CNW-PRN/ - Hurricane Hydrocarbons Ltd. announced today that it and its wholly owned subsidiary, Hurricane Overseas Services Inc., have obtained an Order from the Court of Queen's Bench of Alberta, Judicial District of Calgary, under the Companies' Creditors Arrangement Act. The Order permits the Company the opportunity to implement its restructuring plan and stays all legal proceedings against Hurricane and HOSI for at least 30 days. The plan as previously announced provides for a full conversion of Hurricane's long-term debt obligations (having an original principal amount of approximately US$178 million) to common shares; the acquisition of OAO Shymkentneftegeorsyntez (''ShNOS''), the Kazakhstani company which owns the Shymkent refinery; and a new equity infusion. Following the debt conversion and the acquisition but prior to the equity infusion, it is anticipated that existing shareholders and bondholders will hold an aggregate equity interest in Hurricane of 51% and the existing owners of ShNOS, an equity interest in Hurricane of 49%. The plan is subject to the satisfactory completion by both parties of extensive due diligence, legal documentation and stakeholder approval. Deloitte & Touche Inc. has been appointed by the Court to act as Monitor. Hurricane is an independent international energy corporation engaged in the acquisition, exploration and production of oil, primarily in the Republic of Kazakhstan. The corporation's shares are listed on The Alberta and Toronto Stock Exchanges (HHL.A) and The Nasdaq National Market (HHLAF). Hurricane's website can be accessed at www.hurricane-hhl.com The Toronto Stock Exchange and Alberta Stock Exchange have neither approved nor disapproved the information contained herein. SOURCE: Hurricane Hydrocarbons Ltd. Other semi-relevant information: biz.yahoo.com members.aol.com members.aol.com