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Peregrine struggles through reorganization. (Cyberbucks).

Publication: San Diego Business Journal
Publication Date: 27-JAN-03 		Format: Online - approximately 625 words
Delivery: Immediate Online Access
Full Article Title: Peregrine struggles through reorganization. (Cyberbucks).(Peregrine Systems)

Article Excerpt
Peregrine Systems' most surprising revelation in its Chapter 11 filings last week includes a repayment in full of $270 million of outstanding bonds, and preserving 90 percent of the current shareholders value in the restructured entity.

In most bankruptcies, both stockholders and bondholders are wiped out or receive depleted equity stakes in the firm that emerges from the reorganization process.

Peregrine CEO Gary Greenfield calls the proposal filed last week in U.S. Bankruptcy Court in Delaware "fair and reasonable," allowing for its bonds to be repaid in full while preserving most shareholders...

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