Fields Aircraft Spares Inc – ‘8-K’ for 12/31/00 – EX-99

On:  Wednesday, 11/29/00, at 8:18pm ET   ·   As of:  11/30/00   ·   For:  12/31/00   ·   Accession #:  1002911-0-1   ·   File #:  0-27100

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         3±    12K 
 2: EX-1        Exhibit 1 - Plan of Reorganization                    28±   108K 
 3: EX-99       Exhibit 99 - Press Release                             2±     8K 

EX-99   —   Exhibit 99 – Press Release

                                                                  EXHIBIT 99

Court Confirms Fields Aircraft Spares' Plan of Reorganization                   

SIMI VALLEY, Calif.-- (BUSINESS WIRE) -- November 21, 2000 --                   

Fields Aircraft Spares (OTC: FASIQ) announced today that the United States      
Bankruptcy Court for the Central District of California has confirmed its       
Plan of Reorganization.                                                         

The confirmation was the last major hurdle to overcome for the Company to       
emerge from bankruptcy, and it is now expected that Fields will formally        
emerge prior to December 31, 2000.                                              

The plan provides for $2.35 million of new debt and equity financing            
from private investors. The private investors will receive shares               
representing controlling interest in the reorganized Company and                
100% of the shares of Skylock Industries.  The existing shareholders            
will retain equity equal to between 5 to 10% of the reorganized company         
with the Company's Bondholders, Unsecured Creditors and Employees               
retaining the balance.                                                          

Alan Fields, the Company's CEO, stated, 'The confirmation of our plan           
by the court is a major milestone for our company, customers and                
suppliers.  Our customers can now be confident that Fields will be              
here to provide the level of service and support that they have                 
depended on for the last 15 years.  The new financing ensures that              
Company has the financial resources needed to continue to provide               
comprehensive Just-in-Time support for many of the world's major                
airlines.'                                                                      

Fields Aircraft Spares, Inc., through its wholly owned subsidiaries, is         
a leading distributor of aircraft cabin interior replacement products           
and is a redistributor for a wide variety of factory new parts applicable       
to the majority of commercial aircraft models and manufacturers.                

Statements in this news release that relate to future plans, financial          
results or projections, events or performance are forward-looking               
statements within the meaning of Section 27A of the Securities Act of           
1933, as amended, and Section 21E of the Securities Exchange Act of 1934,       
as amended. Such statements are subject to risks and uncertainties that         
could cause actual results to differ materially. Actual results may differ      
from such forward-looking statements as a result of a number of factors,        
including but not limited to the ability to emerge from Chapter 11,             
competitive factors and pricing pressures, ability to obtain profitability      
and obtain enough capital or financing to sustain the company until such        
time, the price and availability of aircraft parts and other materials,         
successful execution of the company's expansion plans, the ability to           
control costs, the ability to maintain existing customer or vendor              
relationships, shifts in market demand, general economic conditions and         
other risks and uncertainties discussed in periodic reports filed by the        
company with the Securities and Exchange Commission and which the company       
urges investors to consider. Copies of filed reports may be requested           
from the company.                                                               

Dates Referenced Herein

This ‘8-K’ Filing		Date		Other Filings
For Period End:		12/31/00		None on these Dates
Filed as of:		11/30/00
Filed on:		11/29/00
		11/21/00
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