SUNSHINE MINING COMPANY ANNOUNCES EXPIRATION DATE OF PROPOSED EXCHANGE OFFER EXTENDED
SUNSHINE MINING COMPANY ANNOUNCES EXPIRATION DATE OF PROPOSED
EXCHANGE OFFER EXTENDED
DALLAS, Feb. 24 /PRNewswire/ -- Sunshine Mining Company (NYSE: SSC) and its subsidiary, Sunshine Precious Metals, Inc., announced today that the expiration date of the proposed exchange offer and voting on the proposed restructuring of Sunshine Precious Metals pursuant to a prepackaged bankruptcy plan had been extended to 5 p.m. Boise, Idaho time, March 6, 1992. The extension is being made to allow bondholders time to consider certain recent events described in a prospectus supplement currently being sent to bondholders.
As of Feb. 21, 1992, $34.5 million aggregate principal amount of Silver Indexed Bonds, representing 71 percent of the principal amount of bonds responding, had voted to approve the proposed restructuring pursuant to a prepackaged bankruptcy plan and $31.5 million aggregate principal amount of Silver Indexed Bonds had been tendered pursuant to the companies' proposed exchange offer. There are currently outstanding eight series of Silver Indexed Bonds totaling $71.5 million in principal amount. Since voting on the prepackaged plan has achieved in excess of the levels required to seek confirmation of the plan, it is unlikely that there will be further extensions.
/CONTACT: William W. Davis of the Sunshine Mining Company, 800-542-6161/
(SSC) CO: Sunshine Mining Company ST: Texas IN: MNG SU: OFR PS -- NY088 -- 2101 02/24/92 17:51 EST