Viskase asks holders of 11.5% notes to authorize preferreds placement

By Laura Lutz

Des Moines, Oct. 30 - Viskase Cos., Inc. began a consent solicitation for its 11.5% senior secured notes due 2011, according to an 8-K filing with the Securities and Exchange Commission.

The company is seeking authorization for the private placement of a new series of preferred stock for at least $24 million. The new preferreds would be redeemable and convertible into common stock of the company.

The proposed amendments would modify the note indenture; security agreement between Viskase and LaSalle Bank NA, as collateral agent; and the intercreditor agreement among Viskase, LaSalle and Wells Fargo Foothill, Inc.

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

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