PHH Corporation Noteholders Organize to Negotiate Terms.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 -- The Ad Hoc Committee ad hoc committee A committee formed with the purpose of addressing a specific issue or issues, which theoretically is disbanded once its raison d'etre is finished of Noteholders of PHH PHH Provinciale Handelsschool Hasselt (school) PHH Pasukan Anti Huru-Hara (Anti Riot Task Force) PHH Phillips Head (screw) PHH Planar Halogenated Hydrocarbon Corporation (NYSE NYSE See: New York Stock Exchange : PHH), whose members are financial institutions which collectively hold an aggregate of more than $300 million of PHH's publicly issued Medium Term Notes, announced today that it has organized in order to negotiate with the Company the terms of the noteholder tender and consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with which the Company prospectively announced on July 25th. Collectively, the Committee holds substantially more than 25% of each of the two tranches of notes, which are the 6% Notes due 2008 and the 7.125% Notes due 2013, respectively. The Company has acknowledged its failure to deliver financial statements as required under the indenture for the Notes. J. Andrew Rahl, Jr. of Anderson Kill & Olick, counsel to the Ad Hoc Committee, commented that: "The Ad Hoc Committee is interested in pursuing a constructive dialogue for the benefit of all concerned. In addition to appropriate financial and other terms, the Committee is also seeking greatly enhanced information regarding the Company's financial position on a current unaudited basis until PHH completes its financial restatement." |
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