Angeion convertibles to be exchanged for 95% of equity, files for Chapter 11

New York, June 17 - Angeion Corp. made a prepackaged Chapter 11 filing with a reorganization plan that will give holders of its 7½% senior convertibles notes due April 2003 ownership of 95% of the equity of the company.

Existing shareholders will receive 5% of the reorganized company's stock and five-year warrants to buy one additional share for each share they are issued after in the reorganization.

The Saint Paul, Minn. company said there is currently $20.198 million in outstanding notes plus accrued interest of $1 million.

The reorganization does not affect Angeion's Medical Graphics subsidiary.

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