DURA Automotive Receives NASDAQ Delisting Notice
31 Oktober 2006 - 11:34PM
Business Wire
DURA Automotive Systems, Inc. (Nasdaq:DRRA), announced today that
it has received a delisting notification from The Nasdaq Stock
Market dated October 30, 2006. Trading of DURA�s common stock will
be suspended at the opening of business on November 8, 2006. The
company does not intend to appeal the decision. NASDAQ indicated in
its letter that the delisting determination was prompted in light
of DURA�s voluntary filing for protection under Chapter 11 of the
U.S. Bankruptcy Code and was based on Nasdaq Marketplace Rules
4300, 4450(f), and IM-4300. On Monday, October 30, DURA and its
U.S. and Canadian subsidiaries filed for protection under Chapter
11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for
the District of Delaware. DURA's European and other operations
outside of the U.S. and Canada, accounting for approximately 51% of
DURA's revenue, are not part of the filing. 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. Forward-looking Statements 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. DURA Automotive Systems, Inc.
(Nasdaq:DRRA), announced today that it has received a delisting
notification from The Nasdaq Stock Market dated October 30, 2006.
Trading of DURA's common stock will be suspended at the opening of
business on November 8, 2006. The company does not intend to appeal
the decision. NASDAQ indicated in its letter that the delisting
determination was prompted in light of DURA's voluntary filing for
protection under Chapter 11 of the U.S. Bankruptcy Code and was
based on Nasdaq Marketplace Rules 4300, 4450(f), and IM-4300. On
Monday, October 30, DURA and its U.S. and Canadian subsidiaries
filed for protection under Chapter 11 of the U.S. Bankruptcy Code
with the U.S. Bankruptcy Court for the District of Delaware. DURA's
European and other operations outside of the U.S. and Canada,
accounting for approximately 51% of DURA's revenue, are not part of
the filing. 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. Forward-looking Statements 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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