Moody's notes that NOR's agenda for its August 26, 2003 shareholders' meeting includes seeking approval from its shareholders to substantially increase the authorized number of shares of common stock and to reduce the par value of the common stock from $1.75 per share to $.001 per share. Given the level at which NOR's common shares have been trading, Moody's views this as an initial step towards creating the flexibility to initiate a possible distressed exchange offer of common equity for debt.