Printer Friendly

SUNSHINE MINING COMPANY MAKES ANNOUNCEMENT

 SUNSHINE MINING COMPANY MAKES ANNOUNCEMENT
 DALLAS, July 31 /PRNewswire/ -- Sunshine Mining Company (NYSE: SSC),


today announced that an agreement had been reached between it, Sunshine Precious Metals, Inc. ("SPMI"), and SPMI's Official Unsecured Creditors Committee modifying SPMI's Prepackaged Bankruptcy Plan and obtaining the Official Committee's support of and recommendation to all bondholders to accept the plan as modified.
 The principal modifications to the plan include Sunshine Mining Company's commitment to fund the operating losses of SPMI through the end of 1993 up to a total of $5 million, to make shares of its common stock available to fund interest payments on the Silver Indexed Bonds through the same period and for a special deposit of $1 million to fund operating deficits in certain events. Additional changes to the redemption provisions on the bonds were made, including giving the bondholders the right to put their new bonds to SPMI, initially for 300 shares of Sunshine common stock. Other modifications are as detailed in a document to be mailed to bondholders in the next few days.
 Pursuant to the plan, the Silver Indexed Bonds of SPMI are being restructured to reduce the cash requirements of the two companies durng this extended period of low silver prices. Confirmation of the plan is currently pending the outcome of a solicitation of Silver Indexed Bondholders in California. All other bondholders have already approved the plan in numbers sufficient to support confirmation of the plan. Sunshine and SPMI expect that with the support of the Official Creditors Committee, the plan will be confirmed at the hearing scheduled for Aug. 26.
 -0- 7/31/92
 /CONTACT: William W. Davis of Sunshine Mining, 800-542-6161/
 (SSC) CO: Sunshine Mining Company ST: Texas IN: MNG SU:


GK -- NY030 -- 5556 07/31/92 11:22 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 31, 1992
Words:295
Previous Article:FINA REPORTS SECOND QUARTER FINANCIAL RESULTS
Next Article:ENSCO REPORTS RESULTS
Topics:


Related Articles
SUNSHINE MINING MAKES ANNOUNCEMENT
SUNSHINE MINING MAKES ANNOUNCEMENT
SUNSHINE MINING COMPANY ANNOUNCES BONDHOLDER CONSENT TO FILE SUNSHINE PRECIOUS METALS, INC., PREPACKAGED BANKRUPTCY PLAN
SUNSHINE MINING REACHES SETTLEMENT
SUNSHINE MINING COMPANY ANNOUNCES CONFIRMATION OF BANKRUPTCY PLAN
SUNSHINE MINING COMPANY ANNOUNCES AGREEMENT
SUNSHINE MINING COMPANY ANNOUNCES CHAIRMAN AND CEO WILL RELINQUISH HIS POSITIONS AS AN OFFICER AND DIRECTOR IN THE NEAR FUTURE
SUNSHINE MINING COMPANY ANNOUNCES CHAIRMAN AND CEO WILL RELINQUISH HIS POSITIONS AS AN OFFICER AND DIRECTOR IN THE NEAR FUTURE
WILMINGTON TRUST TO ACQUIRE SUNSHINE MINING'S RETAIL PRECIOUS METALS SALES BUSINESS
SUNSHINE MINING COMPANY ANNOUNCES OPERATING RESULTS FOR SECOND QUARTER AND FIRST SIX MONTHS OF 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters