HARNISCHFEGER BANKRUPTCY NEWS: First Issue Free
PRINCETON, N.J., June 14 /PRNewswire/ -- Bankruptcy Creditors' Service, Inc., today announced publication of HARNISCHFEGER BANKRUPTCY NEWS, tracking the chapter 11 reorganization undertaken by Harnischfeger Industries, Inc. (NYSE: HPH - news) and its domestic underground mining (Joy Mining Machinery), surface mining (P&H Mining Equipment), and pulp and papermaking (Beloit Corporation) subsidiaries before the United States Bankruptcy Code in Wilmington, Delaware.
''Unlike many of the chapter 11 reorganizations we track, Harnischfeger has a rock-solid business and a substantial base of hard assets underneath its layers of debt. We give Harnischfeger no less than a 7-in-10 chance of surviving, reorganizing and emerging from chapter 11,'' said Peter A. Chapman, president of Bankruptcy Creditors' Service, Inc., and editor of HARNISCHFEGER BANKRUPTCY NEWS.
Chapman related that the first issue of HARNISCHFEGER BANKRUPTCY NEWS, released today, includes:
-- background information about the Company's operations and finances;
-- detailed information extracted from the Debtors' bankruptcy petitions;
-- a consolidated list of the Debtors' 25 largest unsecured creditors;
-- the $750 million debtor-in-possession financing facility led by The
Chase Manhattan Bank and Chase Securities, Inc.;
-- the Company's cash budget for the next 30 days; and
-- a calendar of the key dates and deadlines in Harnischfeger's chapter
Chapman indicated that the next edition will provide subscribers with a detailed review of:
-- Harnischfeger's applications to employ Kirkland & Ellis as its lead
bankruptcy counsel; PricewaterhouseCoopers, LLP, as its financial
advisor; and the host of other professionals that will help management
push and pull the Company through the bankruptcy process;
-- the operational and financial impact of the handfuls of motions asking
Judge Walsh for relief to maintain "business as usual"; and
-- the United States trustee's plans and efforts to form an official
committee to represent the interests of the Debtors' creditors.
HARNISCHFEGER BANKRUPTCY NEWS is distributed on a subscription basis by e-mail for $45 per issue. New issues are published as significant activity occurs (generally every 10 to 20 days) in Harnischfeger's cases.
Chapman relates that a free copy of the first issue of HARNISCHFEGER BANKRUPTCY NEWS is available via the Internet at bankrupt.com using a standard Web browser.
BCSI currently tracks on-going chapter 11 reorganizations by The Loewen Group, Montgomery Ward, Service Merchandise, Dow Corning Corporation, Levitz Furniture Corp., Edison Brothers Stores Corporation, Caldor Corporation, Boston Chicken, Inc., Bruno's, Inc., APS Holding, and FoxMeyer Corporation. Go to ftp://bankrupt.com/Bankruptcy_News/ for free sample newsletters.
Additionally, BCSI co-publishes the TROUBLED COMPANY REPORTER, a free sample copy of which is posted at ftp://bankrupt.com/pub/Samples/TCR.txt on BCSI's Internet site. The TROUBLED COMPANY REPORTER provides daily news by e-mail about approximately 700 high-profile chapter 11 reorganization cases.
SOURCE: Bankruptcy Creditors' Service, Inc.