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UNITED STATES
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) December 21, 1999
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EXCELSIOR-HENDERSON MOTORCYCLE MANUFACTURING COMPANY
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(Exact name of registrant as specified in its charter)
MINNESOTA 000-22765 41-1771946
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
805 HANLON DRIVE
BELLE PLAINE, MINNESOTA 56011
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (612) 873-7000
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Item 3. BANKRUPTCY OR RECEIVERSHIP.
On December 21, 1999, Excelsior-Henderson Motorcycle Manufacturing
Company filed a voluntary petition for reorganization under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy Court for the
District of Minnesota.
Item 7. EXHIBITS.
99 Press release dated December 20, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
EXCELSIOR-HENDERSON MOTORCYCLE
MANUFACTURING COMPANY
Date: December 21, 1999 By /s/ Daniel L. Hanlon
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Daniel L. Hanlon
Co-Chief Executive Officer
Date: December 21, 1999 By /s/ David P. Hanlon
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David P. Hanlon
Co-Chief Executive Officer
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EXHIBIT INDEX
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No. Exhibit Page
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99 Press release dated December 20, 1999. 5
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EXHIBIT 99
FOR IMMEDIATE RELEASE
EXCELSIOR-HENDERSON SEEKS CHAPTER 11 PROTECTION
FILING NECESSARY DESPITE CONTINUAL OPERATIONS GAINS
CONTACT: Michael L. Meyer
Ravich Meyer Kirkman McGrath & Nauman
(612) 317-4745
Excelsior-Henderson Motorcycle Manufacturing Company
Kathy Thomas
(612) 873-5809
BELLE PLAINE, Minnesota--December 20, 1999--Excelsior-Henderson Motorcycle
Manufacturing Company (Nasdaq: BIGX) announced today that it plans to file a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the District of
Minnesota on Tuesday, December 21. The filing decision was made necessary by
a lack of, to date, obtaining additional financing.
In related actions, the company also announced that it had temporarily ceased
manufacturing operations and, as a result, had been forced to lay off
approximately 101 employees of its 116-person workforce.
"This is a severe step that we would have preferred not to take," said
Michael Meyer of the law firm Ravich, Meyer, Kirkman, McGrath & Nauman,
bankruptcy counsel to the Company. "However, it does provide the necessary
breathing room for the company to continue to seek the financing or a
strategic transaction that is felt to be in the best interest of customers,
dealers, shareholders and employees."
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EXHIBIT 99
The company intends to file a plan of reorganization with the Bankruptcy
Court once it has secured a commitment for financing or a strategic
transaction.
"We remain strongly committed to the continuation and long term success of
this company," co-founders Dan, Dave and Jennie Hanlon said. "We have
continued to make significant progress in a number of key areas such as
dealer network development, inventory control, and cost management. Despite
these improvements, our decreased liquidity made it impossible to maintain
normal operations."
The Company also announced that, with its lack of additional financial
resources, its relationship with The Platinum Group and any personnel from
The Platinum Group that acted as officers of the Company was discontinued.
NOTES CONCERNING FORWARD-LOOKING STATEMENTS:
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS REGARDING TEMPORARILY
CEASING MANUFACTURING, AND SEEKING FINANCING OR STRATEGIC ALTERNATIVES THAT
INVOLVE RISKS AND UNCERTAINTIES. THE COMPANY'S ACTUAL RESULTS COULD DIFFER
MATERIALLY FROM THOSE ANTICIPATED IN THESE FORWARD-LOOKING STATEMENTS. THERE
CAN BE NO ASSURANCE THAT MANUFACTURING OPERATIONS WILL RESUME, OR THAT
SUFFICIENT FINANCING OR ANY STRATEGIC TRANSACTIONS WILL BE AVAILABLE, OR, IF
AVAILABLE, WILL BE ON FAVORABLE TERMS. INVESTORS ARE ALSO ENCOURAGED TO
REVIEW THE FACTORS DESCRIBED FROM TIME TO TIME IN THE COMPANY'S REPORTS ON
FILE WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING BUT NOT LIMITED
TO THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED JANUARY
2, 1999 AND THE COMPANY'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY
PERIOD ENDED OCTOBER 2, 1999.
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