0000913364-01-500011.txt : 20011026
0000913364-01-500011.hdr.sgml : 20011026
ACCESSION NUMBER: 0000913364-01-500011
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011016
ITEM INFORMATION: Bankruptcy or receivership
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20011018
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: ABC NACO INC
CENTRAL INDEX KEY: 0000913364
STANDARD INDUSTRIAL CLASSIFICATION: METAL FORGING & STAMPINGS [3460]
IRS NUMBER: 363498749
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-22906
FILM NUMBER: 1761609
BUSINESS ADDRESS:
STREET 1: 2001 BUTTERFIELD RD
STREET 2: SUITE 502
CITY: DOWNERS GROVE
STATE: IL
ZIP: 60515
BUSINESS PHONE: 6308521300
MAIL ADDRESS:
STREET 1: 2001 BUTTERFIELD RD
STREET 2: SUITE 502
CITY: DOWNERS GROVE
STATE: IL
ZIP: 60515
FORMER COMPANY:
FORMER CONFORMED NAME: ABC RAIL PRODUCTS CORP
DATE OF NAME CHANGE: 19931014
8-K
1
doc1.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OF 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 18, 2001
ABC-NACO Inc.
(Debtor-In-Possession)
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(Exact name of registrant as specified in its charter)
DELAWARE 0-22906 36-3498749
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(Jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
ABC-NACO Inc.
335 EISENHOWER LANE SOUTH,
LOMBARD, ILLINOIS 60148
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(Address of principal executive offices)
Registrant's telephone number, including area code: (630) 792-2010
Item 3. Bankruptcy or Receivership.
On October 18, 2001, ABC-NACO Inc. (the "Company"), including 7 of its domestic
U.S. subsidiaries (collectively, the "Debtors") filed voluntary petitions for
relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy
Code"), in the United States Bankruptcy Court for the Northern District of
Illinois (the "Bankruptcy Court"). The Company's case is being administered
under Case 01 B 36484. The Company will be moving for a joint administration of
the parent and subsidiary cases.
The Debtors will continue to manage their properties and operate their
businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy
Court. On October 18, 2001 the Company issued a press release relating to the
foregoing. A copy of the press release is attached hereto as Exhibit 99.1 and
is incorporated in its entirety herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Press Release of ABC-NACO Inc. dated October 18, 2001
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ABC-NACO Inc.
By: /s/Wayne R. Rockenbach
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Name: Wayne R. Rockenbach
Title: Chief Financial Officer
Dated: October 18, 2001
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release of ABC-NACO Inc. dated October 18, 2001
Safe Harbor Statement Under The Private Securities Litigation Reform Act of
1995:
The statements contained in this release which are not historical facts, may be
deemed to be forward-looking statements that are subject to change based on
various factors which may be beyond the control of ABC-NACO Inc. Accordingly,
actual results could differ materially from those expressed or implied in any
such forward-looking statement. Factors that could affect actual results are
described more fully in the Company's Amended Annual Report on Form 10-K for the
year ended December 31, 2000, under the caption "Cautionary Statement Concerning
Forward Looking Statements," and other risks described from time to time in the
Company's filings with the Securities and Exchange Commission. The Company
undertakes no obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is made.
EX-99.1
3
doc2.txt
PRESS RELEASE OF ABC-NACO INC.
ABC-NACO FILES VOLUNTARY CHAPTER 11 PETITION,
RECEIVES COMMITMENT FOR $20 MILLION IN NEW FINANCING
Lombard, Ill. - October 18, 2001, ABC-NACO Inc. (ABCR) announced today the
company and its U.S. subsidiaries have filed voluntary petitions to reorganize
their businesses under Chapter 11 of the U.S. Bankruptcy Code. The filings, due
primarily to the severe downturn in the rail supply industry and the company's
large debt burden, were made in the United States Bankruptcy Court for the
Northern District of Illinois, Chicago, Illinois.
Operations around the world, including the United States, will remain open,
operating to fulfill existing and future customer requirements. This filing does
not include the company's subsidiaries or joint ventures in Canada, Mexico,
Scotland, Sweden, Portugal, or China.
Filing for reorganization became necessary due to a severe liquidity crisis
caused primarily by the exceptionally weak market for ABC-NACO's products.
Additional factors included the 80-day strike at the Sahagun, Hidalgo, Mexico
facility and the roof collapse at the Cicero, Illinois facility, both of which
occurred this past summer.
To ensure continuation of operations, ABC-NACO received a commitment for a $20
million debtor-in-possession (DIP) financing facility from its existing senior
secured bank group. The financing will become available for future operating
obligations, once approved by the court. Together with the cash generated from
operations going forward, this financing will provide the necessary liquidity
for the company to fulfill future obligations to customers, suppliers and
employees.
"Despite our efforts to reduce costs and maximize cash flow, the continuing
deterioration of the rail supply market significantly aggravated our liquidity
situation. After careful review of the company's financial condition and all
available alternatives, the Board of Directors and senior management concluded
today's court filing by our U.S. operations was a necessity," said Vaughn
Makary, President and Chief Executive Officer of ABC-NACO.
The company has retained the management consulting firm of Morris-Anderson and
Associates, Ltd. and the investment banking firm of Lincoln Partners L.L.C. to
assist it in the evaluation of reorganization alternatives in order to maximize
its business enterprise value.
Makary added, "In the best interest of our constituencies, including our
employees, the company's domestic and foreign operating units will continue to
serve their customers during this process of maximizing business enterprise
value."
The company said it is filing first day motions to support its employees,
customers and vendors, to obtain interim financing authority, to maintain
existing cash management programs, to retain legal, financial, and other
professionals relative to the company's reorganization cases, and for other
relief. The company is retaining the law firm of D'Ancona & Pflaum L.L.C. to
assist in the court proceedings.
The company is one of the world's leading suppliers of technologically advanced
products to the rail industry. With four technology centers around the world,
the company holds pre-eminent market positions in the design, engineering and
manufacture of high-performance freight car, locomotive and passenger suspension
and coupling systems, wheels and mounted wheel sets. The company also supplies
railroad and transit infrastructure products and services and technology-driven
specialty track products. It has offices and facilities in the United States,
Canada, Mexico, Scotland, Portugal and China.
Safe Harbor Statement Under The Private Securities Litigation Reform Act of
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1995:
----
The statements contained in this release, which are not historical facts, may be
deemed to be forward-looking statements that are subject to change based on
various factors, which may be beyond the control of ABC-NACO Inc. Accordingly,
actual results could differ materially from those expressed or implied in any
such forward-looking statement. Factors that could affect actual results are
described more fully in the Company's Amended Annual Report on Form 10-K for the
year ended December 31, 2000, under the captions "Recent Developments" and
"Regarding Forward Looking Statements," and other risks described from time to
time in the Company's filings with the Securities and Exchange Commission. The
Company undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such statement is made.
Contacts:
FOR ABC-NACO INVESTORS:
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Restructuring Hotline
800-793-7121
FOR U.S./INTERNATIONAL MEDIA:
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Wendy Bennett
Director Corporate Communications
630-792-2010