Viskase again extends exchange offer for 8% notes due December 2008

By Susanna Moon

Chicago, Sept. 16 - Viskase Cos. Inc. said it again delayed the deadline for its offer to exchange all its $10.7 million of outstanding 8% senior secured notes due December 2008 for newly issued 11½% secured notes due June 2011.

The offer will now end at 5 p.m. ET on Sept. 30, extended from Sept. 16. Before that, it was scheduled to expire on Sept. 2.

Viskase said it is again giving investors more time to participate.

As of Sept. 16, $2.56 million principal amount, or 23.86%, of the 8% notes had been tendered. As of Sept. 2, $2.08 million of the old notes, or 19.40%, had been tendered.

Viskase is offering to exchange the securities at a discount to par.

As previously reported, the offer, begun on Aug. 7, has a cash component as well as a new debt instrument.

Wells Fargo Bank NA is depositary (800 344-5128).

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

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