Item 1.03 Bankruptcy or Receivership.
Chapter 11 Filing
On
The Company will continue to operate its business as a "debtor-in-possession"
under the jurisdiction of the
The bankruptcy petition and other documents filed by IronClad as debtor are
available at the court's Internet home page http://www.txs.uscourts.gov/ or at
the Clerk's Office,
Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
The filing of the Chapter 11 Case described above in Item 1.03 constitutes an event of default that accelerated IronClad's obligations under the following unsecured debt instruments (the "Debt Instruments"):
--------------------------------------------------------------------------------
The Debt Instruments provide that, as a result of the Chapter 11 Case, the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments are automatically stayed as a result of the Chapter 11 Case, and the creditors' rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code.
Item 8.01 Other Events
Cautionary Note about Trading in IronClad's Common Stock
The Company cautions that trading in its securities during the pendency of the
Bankruptcy Petitions is highly speculative and poses substantial risks. Trading
prices for the Company's securities may bear little or no relationship to the
probable outcome for equity security holders at the conclusion of the proceeding
in
IronClad expects that its equity holders could experience a significant or complete loss of the value of their investment, depending on the outcome of the Chapter 11 Case.
© Edgar Online, source