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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) JANUARY 30, 1998
BOYDS WHEELS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
CALIFORNIA 0-26738 93-1000272
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NUMBER)
8380 CERRITOS AVENUE, STANTON, CALIFORNIA 90680
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (714) 952-4038
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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Exhibit Index on Page 3
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
On January 30, 1998, Boyds Wheels, Inc. (The "Company") and its wholly owned
subsidiary, Hot Rods by Boyd (the "Subsidiary") filed petitions in the United
States Bankruptcy Court for the Central District of California, Santa Ana
Division (Case Nos. SA 98-11545RA and SA 98-11547RA, respectively), assigned to
Judge Robert Alberts, seeking reorganization under Chapter 11 of the Federal
Bankruptcy Code (the "Code"). The Company and the Subsidiary are being operated
as debtors-in-possession under the Code.
A copy of the Press Release issued by the Company on January 30, 1998, reporting
the Chapter 11 filings is filed as an exhibit hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of businesses acquired
None
(b) Pro forma financial information.
None
(c) Exhibits
99 Text of Press Release dated January 30, 1998 re:
Boyds Wheels, Inc. Files For Chapter 11.
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 hereunto duly authorized.
BOYDS WHEELS, INC.
Date: February 6, 1998 By: /s/David M. Asher
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David M. Asher
President
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EXHIBIT INDEX
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Exhibit Sequential
Number Page Number
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99 Press Release RE: Boyds Wheels, Inc. Files For Chapter 11. 4
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BOYDS WHEELS, INC.
EXHIBIT 99
TEXT OF PRESS RELEASE DATED JANUARY 30, 1998
BOYDS WHEELS, INC. FILES FOR CHAPTER 11
Stanton, California - January 30, 1998 - Boyds Wheels, Inc. (Boyds)
(NASDAQ:BYDS) announced today that it has filed for Chapter 11 under the Federal
Bankruptcy laws.
After an intensive review of the environment and the company's
operations, the Board of Directors determined that a major reorganization of the
business, a Chapter 11 filing, was necessary to ensure the company's long-term
survival.
"Until a reorganization plan becomes effective, the law precludes
Boyds from paying its vendors for goods and services received prior to the
filing," according to Jeffrey I. Golden, of Albert, Weiland & Golden, LLP,
counsel to Boyds. "However, invoices for goods and services received after the
filing will be afforded administrative priority status."
According to Gardiner Dutton, Chief Executive Officer of Boyds,
"Boyds' management team is well aware of what has to be done not only to
survive, but to grow and thrive. The company is optimistic that the steps taken
at this time are in the long-term best interest of all of the company's
constituents including its vendors, shareholders and employees. Boyds employees
are dedicated to putting forth their best efforts to strengthening the company
from within."
Founded in 1988, Boyds Wheels, Inc. designs, manufactures and
markets high-quality aluminum wheels and related products for the specialty
automotive and motorcycle aftermarkets. The company's wholly owned subsidiary,
Hot Rods by Boyds, is a global leader in the design and manufacture of custom
cars and hot rods for individual clientele. Boyds Wheels is headquartered in
Stanton, California.
