SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): October 10, 2000
SAFETY COMPONENTS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-23938 33-0596831
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
Corporate Center, 29 Stevens Street, Greenville, SC 29605
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864) 240-2600
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Item 5. Other Events.
On October 11, 2000, Safety Components International, Inc. (the
"Registrant") emerged from its pre-arranged case under Chapter 11 of the U.S.
Bankruptcy Code. In accordance with the American Institute of Certified Public
Accountants Statement of Position 90-7, "Financial Reporting by Entities in
Reorganization Under the Bankruptcy Code" ("SOP 90-7"), the Registrant's
financial statements as of and for the period ending on its emergence from
bankruptcy will reflect the application of "fresh start" accounting. The
Registrant has extended the second quarter of its fiscal year 2001 to October
10, 2000 (the "Quarter End Date"), approximately 7 business days longer than its
scheduled September 30, 2000 quarter-end, to coincide with the Registrant's
emergence from Chapter 11. Management, having consulted with its independent
accountants, believes that use of this "convenience" date for the quarter-end
has no significant effect on the quarterly financial information and will enable
the Company to report all of the effects of its reorganization under the
bankruptcy code through the second quarter of fiscal 2001 so that all go-forward
financial information of the Reorganized Company represents the "fresh start"
accounting required by SOP 90-7. Accordingly, the due date of the Registrant's
Quarterly Report on Form 10-Q for the second quarter of its fiscal year 2001
will be 45 days after its Quarter End Date, or November 24, 2000.
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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 hereunto duly authorized.
SAFETY COMPONENTS INTERNATIONAL, INC,
(Registrant)
Dated: November 14, 2000 By: /s/ Brian Menezes
---------------------------------
Brian Menezes
Chief Financial Officer
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