Protection One officals report prospect of bankruptcy filing, again

SSN Staff  - 
Friday, October 1, 2004

TOPEKA, Kan. - Protection One’s recent quarterly report filing once again mentioned that the company’s restructuring plan may include filing for Chapter 11.
In the its Aug.16 report, company officials declared that it continues to face liquidity problems caused by the company’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 its quarterly 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 previously mentioned that filing Chapter 11 may be a possibility in its March 31 annual report. At that time it also reported $547 million in debt .