SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 28,2000 (August 25,
2000)
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INNOVATIVE CLINICAL SOLUTIONS, LTD.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-27568 65-0617076
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(Commission File Number) (IRS Employer Identification Number)
10 Dorrance Street, Suite 400, Providence, RI 02903
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(Address of principal executive offices)
(401) 831-6755
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
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Item 3. Bankruptcy or Receivership
On July 14, 2000, Innovative Clinical Solutions, Ltd (the "Company")
announced that it and its wholly owned subsidiaries (collectively, the
"Debtors") had filed voluntary petitions for protection under Chapter 11 of the
United States Bankruptcy Code (the "Bankruptcy Code") with the United States
Bankruptcy Court for the District of Delaware (the "Court"). The Debtors' cases
had been consolidated for the purpose of joint administration Case Nos. 00-3027
through 00-3091 inclusive). The case had been assigned to Judge Peter J. Walsh.
The purpose of the filing was to recapitalize the Company through the conversion
of $100 million of 6 3/4% Convertible Subordinated Debentures due 2003 into
common stock representing 10% of its common equity pursuant to a joint
prepackaged plan of reorganization (the "Prepackage Plan"). Following a hearing
held on August 23, 2000 the Court entered an order confirming the Company's
Prepackaged Plan. A copy of the Confirmation Order dated August 25, 2000 and a
copy of the press release issued by the Company on August 25, 2000 are included
as exhibits to this filing and are incorporated herein by reference. The Company
expects to implement the Prepackaged Plan and officially emerge from the Chapter
11 process within two weeks.
Certain statements set forth above, including, but not limited to,
statements containing the words "anticipates," "believes," "expects," "intends,"
"will," "may" and similar words constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on management's current expectations and
include known and unknown risks, uncertainties and other factors, many of which
the results or performance to differ materially from any future results or
performance expressed or implied by such forward-looking statements. These
statements involve risks, uncertainties and other factors detailed from time to
time in the Company's filings with the Securities and Exchange Commissions. The
Company cautions investors that any forward-looking statements made by the
Company are not guarantees of future performance. The Company disclaims any
obligation to update any such factors or to announce publicly the results of any
revisions to any of the forward-looking statements included herein to reflect
future events or developments.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of business acquired.
Not Applicable
(b) Pro forma financial information
Not Applicable
(c) Exhibits
Exhibit 99.1 - Confirmation Order dated August 25, 2000
Exhibit 99.2 - Press Release dated August 25, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
INNOVATIVE CLINICAL SOLUTIONS, LTD
By: /s/Gary S. Gillheeney
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Gary S. Gillheeney
Chief Financial Officer
Date: August 28, 2000
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