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 5, 2000
SAFETY COMPONENTS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
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Delaware 0-23938 33-0596831
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(State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation)
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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
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Item 4 Changes in Registrant's Certifying Accountant.
On October 5, 2000, Safety Components International, Inc. (the
"Registrant") engaged Deloitte & Touche, LLP ("Deloitte") as its independent
accountants to audit its consolidated financial statements commencing with its
current fiscal year and to prepare the corporate tax returns as required by law.
Deloitte's engagement will be effective as of the date of the Registrant's
emergence from Chapter 11, which is expected to occur on October 11, 2000 (the
"Effective Time"). On October 5, 2000, the Registrant notified Arthur Andersen
LLP ("Arthur Andersen"), its present independent accountants, that Arthur
Andersen was discharged as the Registrant's independent accountants, effective
as of the Effective Time.
Each of the above actions were recommended by the Audit Committee and
approved by the Board of Directors of the Registrant.
There have been no disagreements between the Registrant and Arthur Andersen
on any matter of accounting principles or practices or financial statement
disclosure during the two fiscal years ended March 25, 2000 and March 27, 1999
and during the subsequent interim period through the date of discharge.
The independent accountant's report on the financial statements of the
Registrant for the fiscal year ended March 25, 2000 did contain a "going
concern" opinion; the financial statements of the Registrant for the fiscal year
ended March 27, 1999, as restated, were not qualified in any way. Such financial
statements were not qualified as to uncertainty, audit scope or accounting
principles.
Further, during the two fiscal years ended March 25, 2000 and March 27,
1999 and the unaudited interim period through the date of the notification,
neither the Registrant nor any of its representatives sought the advice of
Deloitte regarding the application of accounting principles to a specific
completed or contemplated transaction or the type of audit opinion that might be
rendered on the financial statements of the Registrant.
Arthur Andersen has been provided with a copy of the disclosures contained
in this Current Report, with a request that they furnish to the Registrant a
copy of a letter addressed to the SEC whether it agrees with the statements made
by the Registrant in response to Item 304(a) of Regulation S-K, and if not,
stating any comments in which it does not agree. A letter from Arthur Andersen
to the SEC stating that it agrees with the statements in this Current Report is
attached as Exhibit 99.1 to this Current Report and is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Letter from Arthur Andersen LLP dated October 12, 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: October 12, 2000 By: /s/ Brian Menezes
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Brian Menezes
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit No. Description
99.1 Letter from Arthur Andersen LLP dated October 12, 2000.
