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Pursuant to Boston CHICKEN's bankruptcy proceeding, I am requesting information.
My wife and I currently own 200 shares of BOSTQ.
It is my understanding that there are approximately 77.1 million shares outstanding. Is this true?
What will happen to my 200 shares if your plan for bankruptcy is carried out?
You are correct, there are approximately 77.1 million shares of Boston Chicken outstanding.
As stated in our most resent public statement (Press Release dated 11/6/98), as part of our Chapter 11 reorganization, we are working to reduce our current debt of over $900 million by nearly two-thirds. We hope to exchange our three issues of subordinated convertible debentures (three publicly traded bonds), totaling approx. $627 million for equity. The Creditor Committee, consisting primarily of bondholders, has indicated it is willing to exchange the convertible subordinated debentures and certain other unsecured debt for all of the equity in the reorganized company. Although the company is exploring opportunities to preserve some value for existing stockholders, there can be no assurance that existing stockholders will retain any value.
If you still have additional questions, please call our toll-free investor information line at 800-480-5010, or refer to our web site at www.bostonchicken.com.
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