latest news releases from the newsroom
Chimera Technology Corp.
Chimera Selects S&W Consulting As Corporate Investment Banker
LAS VEGAS, Oct. 21, 2003 (PRIMEZONE) -- Chimera Technology Corp. (Pink Sheets:CMRD), an innovative Internet Gaming Software Provider/Licensor & e-Commerce services company, today announced it has entered into negotiations with S&W Consulting to become Chimera's corporate investment banker to assist in completing a financing package which will allow Chimera to begin deployment of its business platform.
Petroleum Geo-Services ASA
Bankruptcy Court Confirms PGS Restructuring Plan
OLSO, Norway, and HOUSTON, Texas, Oct. 21, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA (debtor in possession) ("PGS" or the "Company") (OSE:PGS) (OTC:PGOGY) announced today that the U.S. Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") confirmed the Company's Modified First Amended Plan of Reorganization (as so modified, the "Plan"). The Company expects to consummate the Plan and emerge from Chapter 11 in early November. Under the Plan, the Company's existing bank debt and outstanding senior notes will be cancelled in exchange for a combination of new senior notes, new ordinary shares, cash and possibly interests in a new term loan facility. The Company's outstanding junior subordinated debentures and existing ordinary shares will be cancelled in exchange for new ordinary shares. Additionally, the rights offering contemplated under the Plan, which will allow holders of existing ordinary shares the right to purchase additional new ordinary shares of the reorganized Company, is expected to commence on October 22, 2003. Holders of existing ordinary shares must hold their ordinary shares through the effective date (now expected to be November 5, 2003) of the Plan to be eligible to exercise their rights under the rights offering.