Dr. James Young reports
MICROCOAL TECHNOLOGIES PROVIDES CORPORATE REORGANIZATION UPDATE
Microcoal Technologies Inc. has withdrawn from voluntary bankruptcy reorganization its wholly owned U.S. subsidiary (Microcoal Inc.). In a prior news release, the company announced its intention to restructure the subsidiary through bankruptcy protection.
Chief executive officer Lawrence Siegel noted, "The suspension of these bankruptcy proceedings means that the company can turn its focus to the construction of its commercial-scale demonstration plant in King William county, Virginia."
Dr. James Young, chairman of the board of directors, remarked, "Although the company was prepared to wind up Microcoal Inc. through bankruptcy proceedings, I am pleased that the company was able to achieve its corporate reorganization objectives in such a way that this bankruptcy could be avoided."
We seek Safe Harbor.
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