Chapter 11 Liquidation Plan Confirmed For Novo Networks' Operating Subsidiaries.Business Editors DALLAS--(BUSINESS WIRE)--March 5, 2002 Novo Networks, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:NVNW) today announced that the Chapter 11 liquidation plan for certain of the Company's operating subsidiaries - including Novo Networks Operating Corp., AxisTel Communications, Inc. and e.Volve Technology Group, Inc. - was confirmed by 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 on March 1, 2002. Certain aspects of the plan, including various sales of the subsidiaries' assets, are currently in process and will be substantially complete within the next 60 days. Other aspects of the plan, including the establishment of a litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. trust and the prosecution of various third-party claims, will continue for an indefinite period of time. In connection with the confirmation, the Company also announced that it agreed to extend the amount and maturity date of its subsidiaries' debtor-in-possession credit facility. As previously announced, the Company continues to explore opportunities in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry and other business sectors. The statements in this press release, which are not historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements include, without limitation: (1) statements regarding the subsidiaries' bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party and (2) statements regarding the ability of the Company or its subsidiaries to continue as going concerns in future periods. Such statements involve risks and uncertainties which could cause actual results to differ materially from management's expectations. Such risks and uncertainties include, without limitation: (1) risks inherent in bankruptcy court proceedings, (2) risks associated with liquidations of assets, and (3) risks detailed in our filings with the U.S. Securities and Exchange Commission, including, without limitation, those detailed under the heading "Risk Factors Relating to the Company and its Subsidiaries" in our most recent 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. and those disclosed on our quarterly reports on Form 10-Q Form 10-Q See 10-Q. for subsequent periods. Novo Networks, Inc. disclaims any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise. |
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