graphic
News
Golden Books to restructure
February 17, 1999: 3:06 p.m. ET

Troubled children's publisher in talks with creditors about overhaul
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Golden Books Family Entertainment Inc. said Wednesday it is negotiating a restructuring with its creditors to significantly reduce its long-term debt.
     Under terms of the proposal, existing shareholders will surrender their stock for out-of-the-money warrants to purchase a small percentage of the new company stock.
     Trade in Golden Books (GBFE) was halted by the NASD Wednesday after a volatile session the previous day. The stock price jumped 63 percent Tuesday from Friday's close of 1-1/2, then tanked 26 percent within two hours.
     The stock was Nasdaq's most active issue Tuesday after the New York Times reported that Walt Disney Co. is considering a bid for the troubled children's publisher and entertainment company.
     "The company has to improve its operations. They still have challenges in front of them," said Stephen Schoene of Miller, Tabak, Hirsch & Co.
     "The question is, who is going to own the company and what is the capital structure going to be?" he added. Back to top

  RELATED STORIES

Marvel names Eric Ellenbogen as new CEO - Nov. 24, 1998

  RELATED SITES

Golden Books


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.