Court Confirms Fields Aircraft Spares' Plan of Reorganization.Business Editors SIMI VALLEY Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. , Calif.--(BUSINESS WIRE)--Nov. 21, 2000 Fields Aircraft Spares (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :FASIQ) announced today that the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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 Central District of California has confirmed its Plan of Reorganization. The confirmation was the last major hurdle to overcome for the Company to emerge from bankruptcy, and it is now expected that Fields will formally emerge prior to December 31, 2000. The plan provides for $2.35 million of new debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. from private investors. The private investors will receive shares representing controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the reorganized Company and 100% of the shares of Skylock Industries. The existing shareholders will retain equity equal to between 5 to 10% of the reorganized company with the Company's Bondholders, Unsecured Creditors and Employees retaining the balance. Alan Fields Alan Fields (born March 29, 1914) is a former Australian rules footballer who played with Fitzroy in the VFL during the 1940's. Fields was a defender and debuted in 1939, appearing for the club 19 times in his first two seasons before missing the 1941, 1942 and 1943 seasons. , the company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "The confirmation of our plan by the court is a major milestone for our company, customers and suppliers. Our customers can now be confident that Fields will be here to provide the level of service and support that they have depended on for the last 15 years. "The new financing ensures that company has the financial resources needed to continue to provide comprehensive Just-in-Time support for many of the world's major airlines." Fields Aircraft Spares, Inc., through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , is a leading distributor of aircraft cabin interior replacement products and is a redistributor for a wide variety of factory new parts applicable to the majority of commercial aircraft models and manufacturers. Statements in this news release that relate to future plans, financial results or projections, events or performance are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements as a result of a number of factors, including but not limited to the ability to emerge from Chapter 11, competitive factors and pricing pressures, ability to obtain profitability and obtain enough capital or financing to sustain the company until such time, the price and availability of aircraft parts and other materials, successful execution of the company's expansion plans, the ability to control costs, the ability to maintain existing customer or vendor relationships, shifts in market demand, general economic conditions and other risks and uncertainties discussed in periodic reports filed by the company with the Securities and Exchange Commission and which the company urges investors to consider. Copies of filed reports may be requested from the company. |
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