Cash the focus for new Philip saviour

Article Abstract:

Philip Services Corp. new Interim Chief Executive Officer Jack McGregor is tasked to turn around the fortunes of the troubled Hamilton, Ontario-based scrap metal firm. McGregor is hoping to negotiate an interim C$100-million bailout package for Philip, which is coming up with a plan called "term sheet" that could lead to some of the firm's debt be converted to common shares. Philip's aluminum recycling division is also expected to be sold to raise less than C$100 million. McGregor, who is used to money problems having handled similar firms in the past, earned his bachelor's degree in commerce at the University of Alberta in 1967.

Comment:

New Interim Chief Executive Officer Jack McGregor is tasked to turn around the fortunes of the troubled scrap metal firm

Executive changes & profiles

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Raider Carl Icahn buys 9% of Philip

Article Abstract:

Philip Services Corp.'s 9.02% or 11.83 million shares is owned by corporate raider Carl Icahn, who had been buying shares since May 7, 1998 according to a Securities and Exchange Commission filing. The acquisition by Icahn makes him, one of the most popular activist shareholders in the US in the 1980s, a major shareholder and heralds major changes for the struggling scrap metal operation. Icahn, who is known to wrest management from the firms whose stock he buys, is also looking into buying shares of Trans World Airlines Inc., Texaco Inc., RJR Nabisco Holdings Corp. and USX Corp.

Comment:

Is owned by 9.02% or by 11.83 million shares by corporate raider Carl Icahn, who had been buying shares since 5/7/98

Canada, Stockholder data

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Philip agrees to stop drawing on line of credit

Article Abstract:

Philip Services Corp. of Hamilton, Ontario, has agreed with its creditors to cease from drawing further on its $1.5-billion credit line. The deal, announced by the scrap metal firm's new CEO, Felix Pardo, on May 20, 1998, holds the company's credit facility at its present level of C$1.1 billion until the company submits a debt restructuring plan to its lenders. Philip is expected to submit a projected financial performance report for 1998 to its creditors, which include Canadian Imperial Bank of Commerce, before debt restructuring negotiations can commence.

Comment:

Has agreed with its creditors to cease from drawing further on its $1.5-bil credit line

Financial management

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