Filed On 9/14/00 5:34pm ET · SEC File 0-23938 · Accession Number 891554-0-2159
As Of Filer Filing As/For/On Docs:Pgs Issuer Agent
9/15/00 Safety Components Int'l Inc 8-K/A{3,7} 8/30/00 4:78 Document Tech Inc/FA
Document/Exhibit Description Pages Size
1: 8-K/A Current Report 4 10K
2: EX-99.1 First Amended Joint Plan of Reorganization 71 257K
3: EX-99.2 Press Release Dated August 31, 2000 2 9K
4: EX-99.3 Press Release Dated September 1, 2000 1 6K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 30, 2000
SAFETY COMPONENTS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
[Enlarge/Download Table]
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Delaware 0-23938 33-0596831
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(State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation)
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Corporate Center, 40 Emery Street, Greenville, SC 29605
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864) 240-2600
Item 3. Bankruptcy or Receivership.
On August 31, 2000, the District Court of the State of Delaware (the
"Court") entered an order approving the plan of reorganization (as amended, the
"Plan") pursuant to which Safety Components International, Inc. (the
"Registrant") and certain of its domestic subsidiaries (collectively, "Safety
Components") plan to emerge from their pre-arranged cases under Chapter 11 of
the U.S. Bankruptcy Code. Subject to fulfillment of the conditions precedent to
emergence, Safety Components is expected to emerge from Chapter 11 in early
October.
As of July 29, 2000, the Registrant had $167.3 million of assets and $186.7
million of liabilities. Pursuant to the Plan, as confirmed, all of the
Registrant's 10-1/8% senior notes due 2007 (an aggregate of appproximately $96.8
million) will be converted into the right to receive 96.8% of the Registrant's
post-bankruptcy common stock, and the current share of common stock, excluding
stock held by Robert Zummo (Chairman of the Registrant), will receive 3.2% of
the Registrant's post-bankruptcy common stock and warrants to acquire 12% of
such common stock. Immediately upon emergence, the Registrant will have
5,000,000 shares of common stock issued and outstanding and, other than the
warrants, no shares of common stock will be reserved for issuance in respect of
claims and interests filed and allowed under the Plan. In addition, the Plan
provides that all of Safety Components' trade suppliers and other creditors will
be paid in full.
The Plan and the Registrant's press release dated as of August 31, 2000
regarding the approval of the Plan are attached as Exhibits 99.1 and 99.2 to
this Current Report and are incorporated herein by reference. The foregoing
summary is qualified in its entirety by reference to such documents.
On August 31, 2000, the Court also entered an order approving the sale by
the Registrant of its wholly-owned subsidiary Valentec Systems, Inc. to VTECH
Corporation for aggregate consideration of approximately $4.15 million. The
press release of the Registrant dated as of September 1, 2000 regarding the sale
is attached as Exhibit 99.3 to this Current Report and is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 First Amended Joint Plan of Reorganization of Safety Components
International, Inc., Safety Components Fabric Technologies, Inc.,
Automotive Safety Components International, Inc., ASCI Holdings Germany
(DE) Inc., ASCI Holdings UK (DE) Inc., ASCI Holdings Mexico (DE) Inc., and
ASCI Holdings Czech (DE) Inc.
99.2 Press Release of Safety Components International, Inc. dated as of August
31, 2000.
99.3 Press Release of Safety Components International, Inc. dated as of
September 1, 2000.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SAFETY COMPONENTS INTERNATIONAL, INC,
(Registrant)
Dated: September 11, 2000 By: /s/ Brian Menezes
----------------------
Brian Menezes
Chief Financial Officer
3
INDEX TO EXHIBITS
Exhibit No. Description
99.1 First Amended Joint Plan of Reorganization of Safety
Components International, Inc., Safety Components Fabric
Technologies, Inc., Automotive Safety Components
International, Inc., ASCI Holdings Germany (DE) Inc., ASCI
Holdings UK (DE) Inc., ASCI Holdings Mexico (DE) Inc., and
ASCI Holdings Czech (DE) Inc.
99.2 Press Release of Safety Components International, Inc. dated
as of August 31, 2000.
99.3 Press Release of Safety Components International, Inc. dated
as of September 1, 2000.
Dates Referenced Herein and Documents Incorporated By Reference
| Referenced-On Page |
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| This 8-K/A Filing | | Date | | First | | Last | | | Other Filings |
|---|
| |  |
| | 7/29/00 | | 2 |
| For The Period Ended | | 8/30/00 | | 1 | | | | | 8-K |
| | 8/31/00 | | 2 | | 4 |
| | 9/1/00 | | 2 | | 4 |
| | 9/11/00 | | 3 |
| Filed On | | 9/14/00 |
| Filed As Of | | 9/15/00 |
| |
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