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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): December 21, 1999
METROTRANS CORPORATION
(Exact Name of Registrant as Specified in Charter)
Georgia 0-23808 58-1393777
(State or Other Jurisdiction (Commission File No.) (IRS Employer
of Incorporation) Identification No.)
777 Greenbelt Parkway, Griffin, Georgia 30223
(Address of Principal Executive Offices) (Zip Code)
(770) 229-5995
(Registrant's telephone number, including area code)
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Item 3. Bankruptcy or Receivership
On December 21, 1999, Metrotrans Corporation (the "Company") and its
wholly-owned subsidiary filed Voluntary Petitions for Relief under Chapter 11 of
the United States Bankruptcy Code in the United States Bankruptcy Court for the
Northern District of Georgia. The cases have been assigned Case Nos. 9913392-
WHD and 9913393-WHD, respectively. The Company continues in possession of its
property and continues to operate and manage its business and financial affairs
as a debtor-in-possession under the supervision and orders of the United States
Bankruptcy Court for the Northern District of Georgia. No trustee or examiner
has been appointed.
Item 6. Resignation of Registrant's Directors.
On December 14 and 17, 1999, respectively, Patrick L. Flinn and William C.
Pitt III resigned from the Company's Board of Directors effective as of those
dates. Messrs. Flinn and Pitt did not have any disagreement with the Company or
management on any matter.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
Exhibit
Number Description
- ------ -----------
99 Press Release issued December 22, 1999
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SIGNATURE
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.
METROTRANS CORPORATION
(Registrant)
/s/ John. G. Wallace
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John G. Wallace
President and Chief Executive Officer
Date: December 22, 1999
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EXHIBIT INDEX
Exhibit No. Description
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99 Form of Press Release, dated December 22, 1999
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EXHIBIT 99
FOR IMMEDIATE RELEASE
CONTACT:
John G. Wallace, President and Chief Executive Officer
Metrotrans Corporation
(770) 229-5995
METROTRANS ANNOUNCES CHAPTER 11 FILING
GRIFFIN, GA, Dec. 22/PRNewswire/ -- Metrotrans Corporation (OTC BB: MTRN.OB)
announced today that it has filed a voluntary petition for reorganization with
the United States Bankruptcy Court for the Northern District of Georgia under
Chapter 11 of the Federal Bankruptcy Code. The Company's decision to seek
Chapter 11 protection was due to its continuing operating losses, past debts,
and its inability to obtain additional asset-based financing. The Company
continues in possession of its property and continues to operate and manage its
business and financial affairs as a debtor-in-possession under the supervision
and orders of the United States Bankruptcy Court for the Northern District of
Georgia. An interim financing arrangement with Bank of America has been
submitted for Court approval which would allow the Company to maintain current
operations. As previously announced, the Company engaged the services of Legacy
Securities Corporation in order to explore strategic alternatives related to
satisfaction of its indebtedness, potentially including a sale of the business.
As a result of Legacy's activities, interest has been shown by a number of
potential buyers in acquiring some or all of the Company's assets in the near
future, subject to Court approval.
Additionally, the Company announced that Patrick L. Flinn and William C.
Pitt III resigned from the Company's Board of Directors effective December 14
and 17, 1999, respectively.
Metrotrans designs, manufactures and distributes shuttle and mid-size
touring buses through Company operated sales centers and independent
distributors in the United States and Canada and Puerto Rico.
This press release includes "forward-looking statements" within the meaning
of the private Securities Litigation Reform Act of 1995. Such statements
involve known and unknown risks, uncertainties and other factors that could
cause the actual results of the Company to differ materially from the results
expressed or implied by such statements, including general economic and business
conditions, conditions affecting the Company's customers and suppliers, and
actual purchases of Company products by customers, competitor responses to the
Company's products and services, the overall market acceptance of such products
and services, the costs and availability of components, product scheduling and
other factors disclosed in the Company's last filed Annual Report on Form 10-K.
Accordingly, although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, there can be no assurance that
such expectations can be achieved.
