BREED Chairman Part of a Group Seeking to Acquire the Assets of the Company.Business Editors LAKELAND Lakeland, resort city (1990 pop. 70,576), Polk co., central Fla., in the highland region; inc. 1885. It is an important processing and shipping center for a citrus-fruit and phosphate-mining region and is a retail trade center that serves a large area. , Fla.--(BUSINESS WIRE)--March 27, 2000 BREED Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BDTTQ) announced today that its Board of Directors has received a proposal from a group of investors, which includes BREED's Chairman of the Board and Chief Executive Officer, Johnnie Cordell Breed, to purchase substantially all of the assets of the Company. No details of the proposal have been released. BREED is continuing to pursue several options to emerge from its chapter 11 bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most case, including, the sale of the business to one or more third parties or the reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. of the business. |
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