BREED Seeks Court Approval to Hire Senior Executive.Business Editors LAKELAND, Fla.--(BUSINESS WIRE)--May 10, 2000 BREED Technologies, Inc. ("BREED") (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BDTTQ), has announced that it has filed a motion with the U.S. 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. for the District of Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). seeking authorization The right or permission to use a system resource; the process of granting access. See access control. to enter into a three year employment agreement with current BREED Board member, John Riess. The motion notes that a Special Evaluation Committee of the Board is in the final stages of evaluating exit strategies for the company, which include two offers for the sale of the business and a separate "stand alone" plan under which BREED would emerge from its pending 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 under the ownership of its pre-petition lenders. The motion goes on to state that, "John Riess, an independent member of BREED's Board of Directors, has extensive experience in (the automotive) industry and is uniquely qualified to serve as a senior executive of BREED." Mr. Riess will not hold any particular title within BREED, but rather, will serve at the discretion of the company's Board of Directors. From 1966 through February of 1999, Mr. Riess held various management and executive positions with the Gates Rubber Company, culminating his service as Chairman and Chief Executive Officer of Gates from February of 1997 through February of 1999. He was elected to the BREED Board of Directors in October, 1999. |
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