Item 8.01Other Events
As previously disclosed, on
In connection with the Chapter 11 Cases, as previously disclosed, on
The description of the Plan herein does not purport to be complete and is
qualified in its entirety by reference to the full text of the Plan set forth in
Exhibit 99.1 to the Company's Current Report on Form 8-K filed on
Pursuant to and subject to the terms of the Plan, on the Effective Date, which
the Company anticipates to occur in the near term, cash reserves will be
established to satisfy administrative expenses of the Debtors and other claims
entitled to priority under the Bankruptcy Code, and the Company's remaining
assets will be placed in two liquidating trusts: (i) one liquidating trust will
hold the Company's assets related to product liability insurance, and (ii) the
other will hold all other Company assets. The liquidating trusts will undertake
the final liquidation of the Company's assets and administration of claims
against the Company in accordance with the Plan. In addition, pursuant to the
Plan, on the Effective Date, all existing shares of equity of the Company,
including shares of common stock,
On
Cautionary Statements Regarding Trading in the Company's Securities
Following deregistration, the Company does not plan to post current information with OTC or otherwise make it publicly available, and therefore does not expect that its common stock will be eligible for quotation on the OTC Pink Market. Following the filing of the Form 15, shares of the Company's common stock may continue to be quoted on the OTC Pink Market for a limited period, contingent on, among other things, market makers' demonstrating continued interest. However, there is no assurance that trading in the Company's common stock will continue on the OTC Pink Market or any other medium.
Cautionary Statements Regarding Forward-Looking Information
This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," "intend" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these identifying words. All statements, other than statements of historical facts, included in this filing that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements. The Company's actual results may differ materially
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from those anticipated in these forward-looking statements as a result of
certain risks and other factors, which could include the following: risks and
uncertainties relating to the Chapter 11 Cases, including but not limited to,
the timing of the Effective Date of the Plan, the terms of and potential
transactions contemplated by the Plan and the Disclosure Statement, as well as
other risk factors set forth in the Company's Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q filed with the
Additional Information Regarding the Chapter 11 Cases
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