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F' Tee Comm Electronics shares plummet lover cash probkýfln L it i iLeLAN -,,I ,, --t ,,, , W t t , h f k f il . bV -,~ art thepnmo Tee-Comm Electronics Inc. is expe- riencing a serious cash flow problem. The local satellite dish maker, which * recently launched its direct-to-home (DTH) service in Canada, missed a $5 million interest payment ta the Bank Of Montreal Friday. According ta corporate communica- * tions director Clive Hobson, the com- pany's plans ta acquire public iunding have been delayed due ta a "soit mar- WC le [lot in delaul o l ite eoal ($107 million) yet however. We still have 15 days (from Friday's missed interest payment) ta came up with the maney," he said. Dow Jones News Retrieval Service publicized Tee-Camm's dilemma Thursday aitemoan. The campany's stock has plummeted as a result ai Friday's missed payment, iromn the $3 ta $4 range down ta 95 cents. Said Milton investment advisor Rab Rubino, "Any time a company can't Tee-Camm's capital bind cames just two months aiter the Canadian Radia-television and Telecommun- icatians Commission (CRTC) approved its licence ta bring DTH ser- vice ta the Canadian viewer. Mr. Habson said despite the campa- ny's current situation, its DTH service business is doing very well. Senior vice president Jim Wilkinson, he said, is confident Tee- Comm will find additional financing mttt dt>adltttc. The campany's finance departmnent has a number ai options available including a proposed stock in lieu ai cash payment. Tee-Cormm is considering praposing ta its carporate debt holders a re-capi- talizatian which may include an exchange ai the debentures for equity and the investment af additional capi- tal. For such a deal ta work, two-thirds ai the debenture holders would need posai fias been cl C1 CiVed >u ai Mr. Hobson said. However, according ta, Mr. Rubino the swap would dilute Tee-Commn and iurther hamrper its stock trading posi- tion. "This is ail part af a plan, and unlor- tunately casts Tee-Comm in a bad light," Mr. Hobson said. "However, we had a meeting with aur employees Fniday and assured themr aur credit rat- ing is intact. It's business as usual around here." A Metroland Community Newspaper Vol. 138 No. 36 Tuesday, May 13, 1997 40 Pages 75e (GST included) Many questions few answers for worried audience 4 Chudleigh on hot seat in hospital restructuring meeting By KAREN SMITHI1 The Champion North Halton MPP Ted Chudleigh was put on the hot seat Thursday night when more than 350 people gathered in defence of their local hospital. Citizens came to the Canadian Union of Public Employees-host- ed meeting to get answers, but the evening tumed out to be more of PhoWS by ORAHAMPAINE an avenue for residents to get a few things off their chests. Head for the hiliÙs- jeif Garrett, competng In the Junior Sport cetegory of the 121h annuel Kelso Fat Tire FestIval, mvi- gela a 09Mh sies of turne In SatwdWs Ontaio Cup downhlll race. Spectators Ina.») who Il md the cour»e huddied to keep warm on the cool and wlndy day. lb. we.kend4ong festival lfluded dual slaom, downhH.Iland c@SS-c0ufltry moundtîn bike race Man kiflod in truck on raiIway tracks at DerrYlNinth Uine An on-duty security guard was killed early yesterday momîng when the disabled Pick-up truck he was trapped in was struck by a train. Jaswant Sindhu, 62, of Mississauga died aller the train struck the bumper of the truck, which was stuck in a ditcb on Ninth Line along the CPR crossing north of Derry Road. Mr. Sindhu, a security guard for Burns Security, attempted to exil lte vehicle betore the crash, alope of the ditch preven 1 ontdoors from opening, Regional Police said. SiLTON SoMlo Frtfr. , but the ted the Halton The man called bis supervisor, who came to assiat, and then police were contacted. Before police arrived, however, the train came along. The impact of the crash caused the vehicle to spin around and Mr. Sindhu was ejected, police said. He was pronounoed dead at the scene. Police are unsure why the vehicle entered the ditch and the malter remains under investigation by Halton polies public safety unit. No clear-cut answers were given on how the provincial gavemment's cor- rent health care restructuring plan will affect Milton District Hospital. While the three-hour meeting at the Milton Optimist Centre included ied- eral and municipal politicians, health praiessionals and election candidates, Mr. Chudleigh was the focal point ai the evening. The crowd's warst icar was that the Health Services Restructuring Com- mission - the valunteer body ap- pointed ta carry out the overhaul- will close the hospital. Angered Miltanian Joe DiPalma tald Mr. Chudleigh the hospital clos- ing would mean political suicide. "When it cames ta my hospital, inm vcry selfish," he told Mr. Chudleigh beiare waming him that he would lose a large number ai votes in the next provincial election if the hospital shuts down. While oiiering no guarantees and acknowledging his passible iste, the MPP said he doesn't see the hospital clasing. He attempted ta cairm the anxious crowd by assuring themn that restrue- turing will be worthwhile in the end. "I wish there were somne other ways ta do these things. It's a diificult time, but there's light at the end ai the tun- nel and I think it's gaing ta be worth the proceas." He said there a[e simply tua many buildings with too many health care e see BIG TURNOUT on page 2 't'i Eà ia.ai MMMÀ - , , . , V y , F- , 1 - , . CH -0 -, -0. D.V- 0 F