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 11, 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, 40 Emery Street, Greenville, SC 29605
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864) 240-2600
<PAGE>
Item 5. Other Events.
On October 11, 2000, Safety Components International, Inc. (the
"Registrant") and certain of its domestic subsidiaries (collectively, "Safety
Components") emerged from their pre-arranged cases under Chapter 11 of the U.S.
Bankruptcy Code pursuant to the plan of reorganization (as amended, the "Plan")
confirmed by the U.S. District Count for the State of Delaware on August 31,
2000.
Pursuant to the Plan, upon emergence all of the Registrant's 10-1/8% senior
notes due 2007 (an aggregate of approximately $96.8 million) were converted into
96.8% of the Registrant's post-bankruptcy common stock, and the pre-bankruptcy
common stock, excluding stock held by Robert Zummo (former Chairman of the
Registrant), was converted into 3.2% of the Registrant's post-bankruptcy common
stock and warrants to acquire an additional 12% of such common stock. In
addition, Safety Components' trade suppliers and other creditors will be paid in
full, pursuant to the terms of the Plan, within 90 days of emergence.
Safety Components Board of Directors, in accordance with the terms of the
Plan, now consists of the following new, non-employee directors: Carroll R.
Wetzel, Jr. (Chairman), Andy Goldfarb, W. Allan Hopkins and Ben E. Waide III.
John C. Corey continues as a director and has been promoted to Chief Executive
Officer and President of the Registrant.
In connection with its emergence, the Registrant announced the closing of a
three-year $35 million credit facility (the "Congress Facility") with Congress
Financial Corporation (Southern). The Congress Facility has allowed the Company
to pay off its debtor-in-possession credit facility with Bank of America and is
expected to provide adequate funding for Safety Components' ongoing global
operating needs. In addition to the Congress Facility, the Registrant also
closed a two-year subordinated secured note facility with its pre-bankruptcy
secured lenders for $20.9 million.
The Registrant's press release dated as of October 11, 2000 regarding the
emergence, the incoming directors and the Congress Facility is attached as
Exhibit 99.1 to this Current Report and is incorporated herein by reference. The
foregoing summary is qualified in its entirety by reference to such document.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release of Safety Components International, Inc. dated as of
October 11, 2000.
2
<PAGE>
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: October 13, 2000 By: /s/ Brian Menezes
-----------------------
Brian Menezes
Chief Financial Officer
3
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
----------- -----------
99.1 Press Release of Safety Components International, Inc. dated as
of October 11, 2000.
