Box Energy Rtgs Remain S&PWatch Dev After Announcement.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 8/27/97-- Standard & Poor's single-'B'-minus rating of Box Energy Corp.'s $55.1 million 8.25% convertible subordinated notes maturing 2002 and its single-'B'-plus corporate credit rating of the company remain on CreditWatch with "developing" implications, where they were placed May 9, 1997. Developing implications mean that the ratings may be either raised or lowered. The CreditWatch listing followed the announcement that Box Energy engaged an investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. to review strategic alternatives that may be available to the company. Box Energy today announced that an entity controlled by J.R. Simplot has been negotiating to purchase a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the Box Brothers Holding Company, which owns 57 percent of the Class A stock of Box Energy Corp. In the proposed transaction, Mr. Simplot has agreed to keep the operating management of Box Energy in place and to endorse To sign a paper or document, thereby making it possible for the rights represented therein to pass to another individual. Also spelled indorse. endorse (indorse) v. the company's current strategic plan. However, the U.S. District Court has issued a temporary restraining order temporary restraining order: see injunction. enjoining en·join tr.v. en·joined, en·join·ing, en·joins 1. To direct or impose with authority and emphasis. 2. To prohibit or forbid. See Synonyms at forbid. the proposed transaction and has scheduled a hearing on the matter for Aug. 29, 1997. Standard & Poor's will continue to monitor developments with regard to a potential sale resulting in a change in the voting control of Box Energy. The possible rating implications could vary depending on the nature of subsequent actions taken, if any. CONTACT: Joy Magtoto, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (1) 212-208-1808 For more information on criteria or subscriptions: http://www.ratings.standardpoor.com |
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