Item 7.01Regulation FD Disclosure
As previously disclosed, on
In connection with the Chapter 11 Cases, as previously disclosed, on
On
Following the effectiveness of Plan, the Plan provides for the establishment of cash reserves to satisfy administrative expenses of the Debtors and other claims entitled to priority under the Bankruptcy Code, and the Company's remaining assets to be placed in two liquidating trusts free and clear of claims and interests. One liquidating trust will hold the Company's assets related to product liability insurance, and the other will hold all other Company assets. The liquidating trusts will undertake the final liquidation of the Company's assets and, administration and reconciliation of all claims against the Company, including any distributions to claim holders. The Plan further provides that, on the Effective Date, the shares of common stock of the Company will be canceled for no consideration, one new share of common stock of the parent entity will be issued to one of the liquidating trusts, and for the dissolution of the Company and its subsidiaries after all transfers of the Company's assets to the liquidating trusts have been consummated.
The foregoing descriptions of the Plan and the Confirmation Order do not purport
to be complete are subject to, and qualified in their entirety by reference to,
the full text of the Confirmation Order and the Plan (annexed to the
Confirmation Order as Exhibit A) available at a website administered by the
Company's noticing and claims agent,
In accordance with General Instruction B.2 of Form 8-K, the information being furnished under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Cautionary Statements Regarding Trading in the Company's Securities
The Company cautions that trading in the Company's securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by holders of the Company's securities in the Chapter 11 Cases. As noted above, on the Effective Date all existing shares of the Company's common stock will be cancelled.
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 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, the effects of the Chapter 11 Cases on the Company and on the interests
of various constituents,
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addition to those factors, risks and uncertainties described in more detail in
the Company's risk factors set forth in Exhibit 99.1 to the Current Report on
Form 8-K filed by the Company with the
Additional Information Regarding the Chapter 11 Cases
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