지티 홈에서 퍼옵니다.. 누가 해석좀 헤주세요.. 무슨 말인지..
망해서 huffy 한테 팔렸다고 그러는 건가요?
SCHWINN/GT TO SELL CYCLING DIVISION TO HUFFY CORPORATION
--------------------------------------------------------------------------------
Boulder, Co (July 16, 2001) -
Schwinn/GT Corp. announced today that it has entered into a sale agreement
with Huffy Corporation (NYSE: HUF) for the purchase of its Cycling Division. Schwinn/GT also announced it has commenced proceedings under Chapter 11 of the U.S. Bankruptcy Code. This filing is necessary to allow Schwinn/GT to complete the sale of the cycling business. The Company filed its Chapter 11 petition in the United States Bankruptcy Court for the District of Colorado in Denver. In accordance with Section 363 of the Bankruptcy Code, other companies will have an opportunity to submit bids for the cycling division through a Court supervised competitive bidding process. Consummation of the proposed transaction is subject to, among other things, expiration of the statutory Hart-Scott-Rodino Act waiting period applicable to acquisitions in bankruptcy.
The Chapter 11 filing includes Schwinn Cycling & Fitness Inc., GT Bicycles, Inc., Riteway Distribution, Inc., Hebb Industries, Inc. and certain other U. S. affiliates. The Company뭩 subsidiaries in Switzerland, France and Japan are not included in the filing.
Under the terms of the current sale agreement, Huffy will pay in excess of $60 million subject to adjustment to acquire substantially all of the assets of Schwinn/GT뭩 Cycling Division.
The Company has reached an agreement with a group of lenders led by Comerica Bank to provide up to $30 million in debtor-in-possession (DIP) financing. The funding will be used to maintain normal business operations in the Fitness Division and to ensure the orderly sale of the cycling business to Huffy.
Don Graber, Chairman, President and CEO of Huffy Corporation, said, 밃n opportunity such as this comes along only rarely. The Schwinn?brand is one of the most widely recognized brand names in the world and together with GT?and other brands would strengthen our existing brand portfolio. The Schwinn and GT brands are ideal candidates for multi-channel distribution, capitalizing on Huffy뭩 marketing and brand management expertise.?BR>
Jeff Sinclair, Schwinn뭩 Chief Executive Officer, stated, 밯ith the sale of the Cycling Division well on its way, we are now turning our attention to the Fitness Division. Operations at Fitness are continuing without interruption. Although it will take a little time to return the Fitness Division to business as usual, we expect to make substantial progress in the coming weeks.
밯ith the priority status provided under the Bankruptcy Code for goods and services that are delivered after the filing, we anticipate the continued support of our vendors to meet the product needs of our fitness customers,?Mr. Sinclair added.
Mr. Sinclair also noted that since the Company뭩 operations in Switzerland, France and Japan are not included in the Chapter 11 filing, it will be 밷usiness as usual for these entities. Our overseas subsidiaries are financially independent from our domestic operations and are continuing to operate without interruption.?BR>
In anticipation of the Cycling Division sale, the Company announced it will downsize its Cycling Division workforce. The Company will deliver letters to 300 Cycling Division employees to fulfill any obligations the Company may have under the Workers Adjustment and Retraining Notification Act.
밒 am mindful of the impact these actions will have on our cycling employees and we will make every reasonable effort to make this as smooth a transition for them as possible. I recognize the many contributions our employees have made to the Company over the years and regret the loss of employment that may be associated with this transaction,?Mr. Sinclair said
망해서 huffy 한테 팔렸다고 그러는 건가요?
SCHWINN/GT TO SELL CYCLING DIVISION TO HUFFY CORPORATION
--------------------------------------------------------------------------------
Boulder, Co (July 16, 2001) -
Schwinn/GT Corp. announced today that it has entered into a sale agreement
with Huffy Corporation (NYSE: HUF) for the purchase of its Cycling Division. Schwinn/GT also announced it has commenced proceedings under Chapter 11 of the U.S. Bankruptcy Code. This filing is necessary to allow Schwinn/GT to complete the sale of the cycling business. The Company filed its Chapter 11 petition in the United States Bankruptcy Court for the District of Colorado in Denver. In accordance with Section 363 of the Bankruptcy Code, other companies will have an opportunity to submit bids for the cycling division through a Court supervised competitive bidding process. Consummation of the proposed transaction is subject to, among other things, expiration of the statutory Hart-Scott-Rodino Act waiting period applicable to acquisitions in bankruptcy.
The Chapter 11 filing includes Schwinn Cycling & Fitness Inc., GT Bicycles, Inc., Riteway Distribution, Inc., Hebb Industries, Inc. and certain other U. S. affiliates. The Company뭩 subsidiaries in Switzerland, France and Japan are not included in the filing.
Under the terms of the current sale agreement, Huffy will pay in excess of $60 million subject to adjustment to acquire substantially all of the assets of Schwinn/GT뭩 Cycling Division.
The Company has reached an agreement with a group of lenders led by Comerica Bank to provide up to $30 million in debtor-in-possession (DIP) financing. The funding will be used to maintain normal business operations in the Fitness Division and to ensure the orderly sale of the cycling business to Huffy.
Don Graber, Chairman, President and CEO of Huffy Corporation, said, 밃n opportunity such as this comes along only rarely. The Schwinn?brand is one of the most widely recognized brand names in the world and together with GT?and other brands would strengthen our existing brand portfolio. The Schwinn and GT brands are ideal candidates for multi-channel distribution, capitalizing on Huffy뭩 marketing and brand management expertise.?BR>
Jeff Sinclair, Schwinn뭩 Chief Executive Officer, stated, 밯ith the sale of the Cycling Division well on its way, we are now turning our attention to the Fitness Division. Operations at Fitness are continuing without interruption. Although it will take a little time to return the Fitness Division to business as usual, we expect to make substantial progress in the coming weeks.
밯ith the priority status provided under the Bankruptcy Code for goods and services that are delivered after the filing, we anticipate the continued support of our vendors to meet the product needs of our fitness customers,?Mr. Sinclair added.
Mr. Sinclair also noted that since the Company뭩 operations in Switzerland, France and Japan are not included in the Chapter 11 filing, it will be 밷usiness as usual for these entities. Our overseas subsidiaries are financially independent from our domestic operations and are continuing to operate without interruption.?BR>
In anticipation of the Cycling Division sale, the Company announced it will downsize its Cycling Division workforce. The Company will deliver letters to 300 Cycling Division employees to fulfill any obligations the Company may have under the Workers Adjustment and Retraining Notification Act.
밒 am mindful of the impact these actions will have on our cycling employees and we will make every reasonable effort to make this as smooth a transition for them as possible. I recognize the many contributions our employees have made to the Company over the years and regret the loss of employment that may be associated with this transaction,?Mr. Sinclair said
손님
댓글 달기