Court Enjoins Former ITS Chairman From Calling Special Meeting of Shareholders; Court Also Approves Final DIP Financing of $28.5 Million.Business Editors CLEVELAND--(BUSINESS WIRE)--Oct. 29, 2001 International Total Services, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ITSW ITSW International Test Synthesis Workshop ITSW International Telecommunication Systems Worldwide (Chile) ITSW Information Technology Security World ) said that the Chief Judge of 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 Eastern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of issued an order on October 25, 2001, enjoining en·join tr.v. en·joined, en·join·ing, en·joins 1. To direct or impose with authority and emphasis. 2. To prohibit or forbid. See Synonyms at forbid. the company's former chairman from convening a special meeting of shareholders of the company until further order of the court. Robert A. Weitzel, the former chairman, had announced his intention to call a special shareholder meeting for October 26 to replace the current board of directors. The Judge also granted final approval of the company's entire $28.5 million Debtor-in-Possession (DIP) credit facility. ITS had received interim court approval of the DIP facility on October 3. Court approval of the DIP facility enables the company to continue to pay for employee salaries and benefits, ongoing operations and other working capital needs. ITS and its domestic subsidiaries filed voluntary petitions for protection under chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
International Total Services Inc. is a leading provider of airport service personnel and staffing and training services and commercial security services for a wide variety of industries. ITS services include, among other things, airport passenger checkpoint screening for airlines. The company has more than 12,000 employees at operations throughout the United States, and in Guam and the United Kingdom. Forward-looking statements in this release including, without limitation, statements relating to the company's plans, strategies, objectives, operations, expectations, intentions, and adequacy of resources, are made pursuant to the 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. provisions of 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. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, the company's ability to consummate favorable transactions, availability of post-petition financing, negative market and credit impact of chapter 11 filing, court approval of the company's motions and other court-related factors, unanticipated losses of contracts and key personnel, changing industry standards and government regulations, economic and labor conditions in the aviation industry and commercial security industry, and negative publicity regarding the airline security and services and commercial staffing services industries. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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