EXHIBIT 99
Court Confirms Fields Aircraft Spares' Plan of Reorganization
SIMI VALLEY, Calif.-- (BUSINESS WIRE) -- November 21, 2000 --
Fields Aircraft Spares (OTC: FASIQ) announced today that the United States
Bankruptcy Court for the Central District of California has confirmed its
Plan of Reorganization.
The confirmation was the last major hurdle to overcome for the Company to
emerge from bankruptcy, and it is now expected that Fields will formally
emerge prior to December 31, 2000.
The plan provides for $2.35 million of new debt and equity financing
from private investors. The private investors will receive shares
representing controlling interest in the reorganized Company and
100% of the shares of Skylock Industries. The existing shareholders
will retain equity equal to between 5 to 10% of the reorganized company
with the Company's Bondholders, Unsecured Creditors and Employees
retaining the balance.
Alan Fields, the Company's CEO, stated, 'The confirmation of our plan
by the court is a major milestone for our company, customers and
suppliers. Our customers can now be confident that Fields will be
here to provide the level of service and support that they have
depended on for the last 15 years. The new financing ensures that
Company has the financial resources needed to continue to provide
comprehensive Just-in-Time support for many of the world's major
airlines.'
Fields Aircraft Spares, Inc., through its wholly owned subsidiaries, is
a leading distributor of aircraft cabin interior replacement products
and is a redistributor for a wide variety of factory new parts applicable
to the majority of commercial aircraft models and manufacturers.
Statements in this news release that relate to future plans, financial
results or projections, events or performance are forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Such statements are subject to risks and uncertainties that
could cause actual results to differ materially. Actual results may differ
from such forward-looking statements as a result of a number of factors,
including but not limited to the ability to emerge from Chapter 11,
competitive factors and pricing pressures, ability to obtain profitability
and obtain enough capital or financing to sustain the company until such
time, the price and availability of aircraft parts and other materials,
successful execution of the company's expansion plans, the ability to
control costs, the ability to maintain existing customer or vendor
relationships, shifts in market demand, general economic conditions and
other risks and uncertainties discussed in periodic reports filed by the
company with the Securities and Exchange Commission and which the company
urges investors to consider. Copies of filed reports may be requested
from the company.
