Philip Services lines up sales of two more assets

Article Abstract:

Philip Services Corp., a Hamilton, Ontario-based metal recycling firm, is ready to close two asset sales by Aug. 15, 1998, worth US$35 million. The asset sales are part of a company divestiture aimed at raising a minimum of $500 million. The two deals will increase total asset sales to about $135 million to date. The money will be spent to reduce its $1.1 billion bank debt which was borrowed from a syndicate of 38 bank lenders. The firm is in default on two of its loan covenants due to large losses in 1997 and the first half of 1998.

Comment:

Is ready to close two asset sales by the 8/15/98 worth US$35 million as part of a company divestiture

Ontario, Primary Metal Manufacturing, Metals, Metals (Materials), Article, Philip Services Corp.

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Teleglobe big winner in Bell stake selloff

Article Abstract:

International long-distance phone service provider is expected to benefit from Ameritech Corp.'s acquisition of a 20% stake in Bell Canada from parent BCE Inc. The deal would involve the transfer of BCE Inc.'s 21.5% stake in Teleglobe to Bell Canada, giving Ameritech an indirect ownership in the company through its stake in Bell Canada. Teleglobe is expected to get more business from Ameritech after the acquisition.

Canada, Acquisitions & mergers, Telecommunications, Wired Telecommunications Carriers, Long Distance Telephone Svc, Telecommunications industry, Long distance telephone services, Bell Canada, Teleglobe Inc.

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