Philip finds saviour investors

Article Abstract:

Philip Services Corp., a scrap metal firm based in Hamilton, Canada, reported on Nov. 20, 1998, that an unnamed US venture capital firm and Detroit, MI, businessman Anthony Soave have forged a letter of intent to together invest between $100 million and $200 million in company shares. Philip Services, which is the largest scrap metal and industrial services firm in North America, is in default on debt worth $1.1 billion. The firm also reported on Nov. 20, 1998, that it has signed a deal with its biggest debt holder, Carl Icahn's High River LP, and another debt holder, Foothill Partners III LP, to reshape the firm under bankruptcy protection.

Comment:

An unnamed US venture capital co & Anthony Soave are poised to together invest between $100 mil & $200 mil in this co

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

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Spar shareholders launch revolt

Article Abstract:

The shareholders of Spar Aerospace Ltd, representing around 58% of the company's stake, have asked the company to remove the majority of its board of directors, and to pay out its available cash as a dividend. In a letter to the company, the shareholders also want Spar's poison pill to be extended beyond its expiry data at the 1999 annual meeting. IMP Group Ltd and Crescendo Partners LP, two of the company largest shareholders, confirmed that they were among those behind the letter.

Aircraft & Parts, Aerospace Product and Parts Manufacturing, Stockholder data, Spar Aerospace Ltd.

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