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Semi-Tech Files Civil Action In Response To Alleged Bond Defaults.

MARKHAM, Ontario--(BUSINESS WIRE)--July 5, 1999--

Semi-Tech Corporation ("Semi-Tech") today announced that on Friday, July 2, 1999, it instituted a civil action in the Supreme Court of the State of New York, in Manhattan, seeking a judicial declaration that the company is not in default under the indenture governing its outstanding notes issued in 1993, known as the "Senior Secured Discount Notes". In the lawsuit, captioned Semi-Tech Corporation v. IBJ Whitehall Bank & Trust Co. and Cede & Co., the Company asserts the invalidity of certain "notices of default," issued by the trustee under the indenture and by Cede & Co., the registered holder of virtually all of the outstanding notes, alleging certain non-payment defaults under the trust indenture. In the lawsuit, the company seeks a declaratory judgment and preliminary and permanent injunctions against any attempt by the defendants to accelerate the notes or take other adverse action against the company based on the claimed "defaults".

Semi-Tech Corporation is a Canadian-based multinational company engaged in the global marketing and distribution of consumer products for the home, principally through its subsidiaries and affiliates. Semi-Tech's shares are listed on The Toronto Stock Exchange (Class A: SEM.A; Class B: SEM.B).
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Publication:Business Wire
Geographic Code:1CANA
Date:Jul 5, 1999
Words:197
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