Allied Devices to Halt Operations.Business Editors HICKSVILLE, N.Y.--(BUSINESS WIRE)--April 15, 2003 Allied Devices Corporation (ALDVQ.PK) (the "Company") filed for protection from creditors under Chapter 11 of the Bankruptcy Code Bankruptcy Code may refer to:
The Court approved a consent stipulation between the Company and its secured lenders which permitted the Company to operate while it sought a sale of the Company, as a going concern, in part or in whole. Although the Company received many inquiries, no one has emerged as a buyer for the Company as a going concern. As a result, the Company will cease operations, complete an orderly wind down, and liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the its assets. An auction sale of assets, which are subject to the liens of secured creditors, is to be held in the Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. at noon on April 28, 2003. All proceeds from this auction sale will be distributed to the creditors secured by such assets. Since the estimated auction value of the assets to be sold is insufficient to satisfy the secured creditors' claims, neither unsecured creditors nor common stockholders of the Company will receive any of the proceeds. On March 20, 2003, BDO Seidman BDO Seidman, LLP is the United States arm of BDO International, one of the largest accounting firms outside of the Big Four. History BDO Seidman, LLP was founded as Seidman and Seidman in New York City in 1910 by Maximillian L. Seidman. , LLP LLP - Lower Layer Protocol declined to continue as auditors of the Company. Since the Company is winding down, no new auditors will be engaged. All statements contained herein that are not historical facts, including but not limited to statements regarding the Company's current business strategy and the Company's plans for future development, operations and capital raising, are based upon current expectations. For factors, which could affect the realization of those expectations, see the Company's current annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion