Philip to default on $1.1-billion loan

Article Abstract:

Philip Services Corp., a Hamilton, Canada-based scrap metal company, will be in default of a C$1.1 billion bank loan when it reports a writedown worth $41 million in its second quarter of 1998, according to CEO Felix Pardo. A consortium of 38 banks and financial institutions originally lent the C$1.1 billion to Philip. A part of the debt, however, was sold at a discount to vulture fund investors. Pardo added that the company has requested for the right to take another C$60 million from its bank line to use as operating cash.

Comment:

Scrap metal co will be in default of C$1.1 bil bank loan when it reports a writedown worth $41 mil in second quarter of 1998

Scrap Metals, Recyclable Material Wholesalers, Scrap metal dealers, Article, Philip Services Corp.

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Good Goverance group set

Article Abstract:

Michael Wilson has accepted the position of chairman of the Canadian Coalition for Good Goverance (CCGG). The corporate governance lobbying organization was created by major institutional investors, including the Ontario Teachers Pension Board.

Company investment, Investments, Corporate governance, Wilson, Michael (American screenwriter), Canadian Coalition for Good Goverance, Ontario Teachers Pension Board

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Algoma shareholders seek stability in vote for directors

Article Abstract:

Algoma Steel Inc. will conduct a vote for naming two new members to its board of directors. The company is attempting to stabilize its management after several high-profile executives left the firm.

Steel industry, Algoma Steel Inc., Boards of directors

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