Viskase launches tender offer to exchange 8% senior secured notes due December 2008

By Jennifer Lanning Drey

Portland, Ore., Aug. 8 - Viskase Cos. Inc. began a tender offer on Aug. 7 to exchange, at a discount to par, the $10.7 million of outstanding 8% senior secured notes due December 2008 for newly issued 11½% secured notes due June 2011, Michael Goldberg, Viskase's interim chief financial officer, confirmed Friday.

The offer has a cash component as well as a new debt instrument, he said.

The tender offer is scheduled for 30 days but may be extended.

Based in Darien, Ill., Viskase makes plastic casings for the processed meats industry.

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