Protection One mentions possibility of a bankruptcy filing again
August 26, 2004
TOPEKA, Kan. - Protection OneÃ¢â‚¬â„¢s recent quarterly report filing once again mentioned that the companyÃ¢â‚¬â„¢s restructuring plan may include filing for Chapter 11.
In the companyÃ¢â‚¬â„¢s Aug.16 report, the company declared that it continues to face liquidity problems caused by the companyÃ¢â‚¬â„¢s debt and continuing net losses. Whether the company plans to file for bankruptcy protection is in the hands of its financial advisors, Houlihan Lokey Howard & Zukin Capital, who are handling the proposed restructuring. Company officials said the talks are ongoing and the result may or may not seek protection under federal bankruptcy laws.
Also in the report, the company reported a net loss of $326 million for the first six months of 2004 and noted that without a successful restructuring, it does not expect to state earnings in the foreseeable future.
The company had previously mentioned that filing Chapter 11 might occur in its March 31 annual report and at that time reported $547 million in debt on its books.