DURA Automotive Hires David Szczupak as Chief Operating Officer.
The corrected release reads:
DURA AUTOMOTIVE HIRES DAVID SZCZUPAK AS CHIEF OPERATING OFFICER
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 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 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, following Ford's acquisition of Jaguar, and has since held increasingly responsible senior management positions in engineering and manufacturing operations. Before that, he served in engineering positions with U.K.-based Jaguar Cars LTD 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 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, Japanese and European original equipment manufacturer (OEM) 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.
This press release, as well as other statements made by DURA may contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act 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 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 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 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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|Date:||Dec 11, 2006|
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