Philip Deal gives lenders control of company

Article Abstract:

Hamilton, Ontario-based scrap metal recycler and waste hauler Philip Services Corp. is expected to reach a deal that would give its creditors a 90% control in the company in exchange for the reduction of its debt by $700 million. Under the deal, the company's secured syndicated debt will be converted into $300 million of secured debt and $100 million in payment-in-kind notes. The rest of the debt will be converted to 90% of the restructured company's common shares. The remaining 10% of the new company will be given to current stockholders.

Organizational history, Refuse Systems, Waste Collection, Waste management industry, Philip Services Corp.

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Noranda operating profit dives on low metal prices

Article Abstract:

Noranda Inc posted an operating profit of C$75 million for 1998, down from C$261 million a year ago. The sale of the company's Norcen Energy division, however, allowed the company to post a final profit of C$658 million on revenue of C$6 billion for 1998. The operating profit decline was blamed mainly on low metal prices. The company is expected by analysts to recover as a result of its aggressive cost-cutting strategy.

Sales, profits & dividends, Metal Ore Mining, Metal Ores, Noranda Inc.

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