DURA Automotive Hires David Szczupak as Chief Operating Officer.ROCHESTER HILLS, Mich. -- Ninth graph, first sentence of release (dated Dec. 8, 2006) should read: On October 30, 2006, DURA Automotive Systems Dura Automotive Systems (Pink Sheets: DRRAQ), headquartered in Rochester Hills, Michigan, USA was ranked in the 2006 Fortune 1000. It is engaged in the business of manufacturing and distribution of automotive components. , Inc., and its domestic and Canadian affiliates filed voluntary petitions for protection under chapter 11 of the Bankruptcy Code Bankruptcy Code may refer to:
The corrected release reads: DURA AUTOMOTIVE HIRES DAVID David, in the Bible David, d. c.970 B.C., king of ancient Israel (c.1010–970 B.C.), successor of Saul. The Book of First Samuel introduces him as the youngest of eight sons who is anointed king by Samuel to replace Saul, who had been deemed a failure. SZCZUPAK AS CHIEF OPERATING OFFICER Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. DURA Automotive Systems, Inc., today announced that David T. Szczupak, 51, has joined the company as chief operating officer, effective immediately. On December 8, 2006, after a hearing on December 7, 2006, the United States Bankruptcy Court for the District of Delaware entered an order authorizing the company to enter into an employment agreement with Szczupak. As chief operating officer, Szczupak will be responsible for all aspects of DURA's manufacturing, engineering, quality and procurement worldwide. "David is a seasoned automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. executive who will be a great asset to our leadership team," said Larry Denton, chairman and chief executive officer of DURA Automotive. "He brings global operations Global Operations is a first-person shooter computer game developed by Barking Dog Studios and published by both Crave Entertainment and Electronic Arts. It was released in March of 2002, following its public multiplayer beta version which contained only the Quebec map. expertise and will play a pivotal role in the implementation of DURA's operational restructuring program and growth initiatives." Szczupak's automotive industry experience spans nearly 30 years. He joins DURA from the Ford Motor Company, where he most recently served as Ford's group vice president of manufacturing. In this capacity, he directed global strategy and operations for all vehicle manufacturing, engineering and operations at 31 manufacturing plants worldwide, and directed a major restructuring of Ford's global manufacturing footprint to reduce costs by 30 percent, among other initiatives. "I am excited to join DURA's management," said Szczupak, "and I look forward to further strengthening the company's operations and performance, as we successfully complete the operational restructuring program and build on the company's reputation for delivering innovative quality products at competitive prices." Szczupak joined Ford in 1990 as chief engineer of Jaguar Cars For other uses, see Jaguar (disambiguation). Jaguar Cars Limited is a luxury car manufacturer, originally based at Browns Lane, Coventry, England but now at Whitley, Coventry. , following Ford's acquisition of Jaguar, and has since held increasingly responsible senior management positions in engineering and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. . Before that, he served in engineering positions with U.K.-based Jaguar Cars LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability and with Holset Engineering (Cummins). Szczupak received a master's degree in automotive engineering from Cranfield University, U.K. Szczupak is a past member of the Volvo Cars Board of Directors and the Mazda Advisory Board, and past Chairman of the SAE Global Powertrain Congress 2005. He was named Engineer of the Year by Autocar
Autocar is a weekly British automobile magazine published by Haymarket Motoring Publications Ltd. Magazine in 1999. On October 30, 2006, DURA Automotive Systems, Inc., and its domestic and Canadian affiliates filed voluntary petitions for protection under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The company and its domestic and Canadian affiliates continue to operate their businesses as Chapter 11 debtors-in-possession. About DURA Automotive Systems, Inc. DURA Automotive Systems, Inc., is a leading independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a leading supplier of similar products to the recreation vehicle (RV) and specialty vehicle industries. DURA sells its automotive products to every North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. , Japanese and European original equipment manufacturer (OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and ) and many leading Tier 1 automotive suppliers. DURA is headquartered in Rochester Hills, Mich. Information about DURA and its products is available on the Internet at www.duraauto.com. Forward-looking Statements This press release, as well as other statements made by DURA may contain forward-looking statements within 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, that reflect, when made, the company's current views with respect to current events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the company's operations and business environment which may cause the actual results of the company to be materially different from any future results, express or implied, by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: (i) the ability of the company to continue as a going concern; (ii) the ability of the company to operate pursuant to the terms of the debtor-in-possession ("DIP") financing facility; (iii) the company's ability to obtain court approval with respect to motions in the chapter 11 proceeding prosecuted by it from time to time; (iv) the ability of the company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases; (iv) risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the company to propose and confirm one or more plans of reorganization, for the appointment of a chapter 11 trustee or to convert the cases to chapter 7 cases; (v) the ability of the company to obtain and maintain normal terms with vendors and service providers; (vi) the company's ability to maintain contracts that are critical to its operations; (vii) the potential adverse impact of the Chapter 11 cases on the company's liquidity or results of operations; (viii) the ability of the company to execute its business plans, and strategy, including the operational restructuring initially announced in February 2006, and to do so in a timely fashion; (ix) the ability of the company to attract, motivate and/or retain key executives and associates; (x) the ability of the company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees; (x) general economic or business conditions affecting the automotive industry (which is dependent on consumer spending), either nationally or regionally, being less favorable than expected; and (xi) increased competition in the automotive components supply market. Other risk factors are listed from time to time in the company's United States Securities and Exchange Commission reports, including, but not limited to the 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. for the year ended December 31, 2005. DURA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise. Similarly, these and other factors, including the terms of any reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. ultimately confirmed, can affect the value of the company's various pre-petition liabilities, common stock and/or other equity securities. Additionally, no assurance can be given as to what values, if any, will be ascribed in the 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 to each of these constituencies. A plan of reorganization could result in holders of DURA's common stock receiving no distribution on account of their interest and cancellation of their interests. Under certain conditions specified in the Bankruptcy Code, a plan of reorganization may be confirmed notwithstanding its rejection by an impaired class of creditors or equity holders and notwithstanding the fact that equity holders do not receive or retain property on account of their equity interests under the plan. In light of the foregoing, the company considers the value of the common stock to be highly speculative and cautions equity holders that the stock may ultimately be determined to have no value. Accordingly, the company urges that appropriate caution be exercised with respect to existing and future investments in DURA's common stock or other equity interests or any claims relating to pre-petition liabilities. |
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