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Gordon A Paris, Graham W Savage and Raymond G H Seitz, directors of the company, intended to resign from the board of directors, effective no later than the end of 2008, as part of a board-initiated restructuring. However the three directors have agreed to remain on the board until the company is able to recruit and appoint new directors.
According to the company, this continuation of the director's service was made necessary by the uncertainty engendered by the consent solicitation process initiated by Davidson Kempner Capital Management LLC, which has hampered the company's recruitment of new directors.
As a result of developments in the contested solicitation of consents initiated by Davidson Kempner the efforts of the company to recruit and evaluate candidates for its board have been delayed.
The company said that the efforts for recruitment of directors are ongoing and will continue with the goal of appointing new director candidates as soon as possible.
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