Carl Icahn buying part of Philip's debt

Article Abstract:

High River LP is purchasing an undisclosed portion of Philip Services Corp.'s $1.1-billion debt from a consortium of bank lenders. High River is owned by activist investor Carl Icahn, who has previously acquired 18.5 million shares, or 14% of the Hamilton, Ontario-based scrap metal recycler. In documents filed with the US Securities and Exchange Commission, High River stated that the company has had recent talks with Philip about its financial situation and about viable ways of improving the company's shaky financial condition. According to an investment adviser, buying a potion of Philip's debt will give Mr. Icahn a far treater control of the company.

Comment:

Its's $1.1-bil debt is being partly purchased by Carl Icahn's High River LP from a consortium of bank lenders

Ontario

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Philip lenders start selling debt to vulture funds

Article Abstract:

Hamilton, Canada-based Philip Services Corp.'s US$1.1-billion debt is being sold by some of the lenders to vulture funds looking for bargains. The company, a scrap metal recycler and provider of other industrial services, has been hounded by revelations of huge losses in 1997. Philip's debt was recently recommended a buy if it can be obtained at a price "up through the low 90s," according to a liquidation analysis of Bear Stearns & Co. Inc. for vulture investors. Meantime, Philip is preparing a debt restructuring plan that will see big portion of the credit facility paid down and replaced with longer-term debt.

Comment:

Its US$1.1-bil debt is being sold by some of the lenders to vulture funds looking for bargains

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Philip Services running out of credit

Article Abstract:

Hamilton, Canada-based Philip Services Corp. revealed that it has a remaining C$60 million in available cash and C$15 million of unused capacity in its credit line. The ailing scrap metal recycler, one of the biggest tin North America, is currently on default on its loan of $1.2 billion, available for general working capital spending. Company spokesperson Darren Richarz said the firm has enough available financing to pursue operations, although Philip has depleted $45 million of its borrowing capacity only since early July 1998.

Comment:

Has a remaining C$60 million in available cash and C$15 million of unused capacity in its credit line

Receipt of funds

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