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 Gold/Mining/Energy : Philip Services (PHV)

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To: Jason Marcotte who wrote ()9/29/1998 5:07:00 PM
From: NewsTrader of 483
 
(NewsTraders) -- Investor Carl Icahn revealed that he held talks with Philip Services (PHV) on possible methods to improve the company's financial condition, according to an amended Schedule 13D.

Icahn said the talks are ongoing, but no agreements or understandings have been reached to date.

Icahn also said he indicated that his preference concerning the company's announced plans to sell its metals division would be to avoid any sale at prices below the range of fair value. No further details concerning the talks between Icahn and the company were disclosed.

In addition, Icahn said he is taking a position in the company's debt that was originally issued in 1997 to a consortium of financial institutions.

Icahn last reported holding 18,455,200 Philip Services shares, or a 14.07% stake, on August 21.
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