DENVER-MobileMedia Communications Inc. again requested-and received-an adjournment of the bankruptcy court hearing to rule on its disclosure statement, scheduled for Oct. 14.
MobileMedia spokeswoman Krista Grossman said the company’s lawyers originally intended to follow through with the proceedings at that date, but decided “because of current market conditions, MobileMedia and the creditor representatives wanted to evaluate the structure of the Arch deal.”
A large bulk of Arch’s acquisition bid for MobileMedia is in the form of stock, based on a variable rate dependent on Arch’s stock price at the time of enactment. Since the two companies signed a definitive merger agreement, Arch’s stock has dropped from almost $4 to less than a dollar at press time.
