January 28, 2008
Dear Clients, Employees and Friends of PRC,
As you know, PRC and certain affiliates filed for Chapter 11 protection on January 23. I would like to share with you the reasons for the filing and provide you some information on the progress that PRC has achieved toward exit. I also want to assure you of PRC’s commitment to serving its clients and their customers and to tell you about the measures we have undertaken to fulfill that commitment. |
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PRC TO EFFECT PRE-NEGOTIATED RESTRUCTURING THROUGH CHAPTER 11 FILING |
PRC makes voluntary filings in U.S. Bankruptcy CourtBusiness operations to continue as usual during reorganization processPRC and its key secured lender groups have agreed on principal terms for restructuringGroup of existing lenders to provide $30 million DIP financing and $45 million in exit financing facilitiesCompany expects to exit financially stronger and more competitive
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Reorganization 