CoreComm Limited Files Form Delaying 10-K Filing.Business Editors NEW YORK--(BUSINESS WIRE)--April 2, 2001 CoreComm Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : COMM) today announced that it has filed the appropriate form with the Securities and Exchange Commission delaying the filing of its 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. for the year ended December 31, 2000. It anticipates that it will file such report by April 12, 2001. CoreComm is in the process of significant discussions with certain existing lenders as well as prospective financing sources with a goal of finalizing the terms of certain possible financings that would provide for ongoing liquidity. No assurance can be given that such new financings will be achieved or the terms thereof. CoreComm believes that the above transactions, if completed, would materially impact its financial statements and disclosure (including the report of its independent accountants, its disclosure as to its financial condition, as well as the liquidity and capital resources). CoreComm stated that it is delaying payment of interest for the period ended April 1, 2001 on its 6% Convertible Subordinated Notes due 2006 and for the period ended March 31, 2001 on its Senior Unsecured Notes due 2003 pending the outcome of the discussions described above. Provisions of the indenture governing the 6% Convertible Notes and Senior Unsecured Notes provide for a 30 day grace period and a five day grace period, respectively, before failure to pay interest causes an event of default to have occurred. CoreComm also stated that its Board of Directors had not declared dividends declared dividend A dividend authorized by a firm's board of directors. At the time a dividend is declared, the firm creates a liability for the dividend's payment. for the dividend period ended March 30, 2001 for its 8.5% Senior Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , Series A and Series A-1 and Series B Senior Convertible Exchangeable Preferred Stock Convertible exchangeable preferred stock Convertible preferred stock that may be exchanged, at the issuer's option, into convertible bonds that have the same conversion features as the convertible preferred stock. due to lack of determination of sufficient surplus under applicable state corporate law. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Certain statements contained herein constitute "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those contemplated. We assume no obligation to update the forward-looking statements contained herein. |
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