Item 8.01 Other Events.
Filing of Proposed Plan and Disclosure Statement
As previously disclosed, on November 12, 2019, Nuvectra Corporation (the
"Company") filed a voluntary petition for reorganization under Chapter 11 of the
U.S. Bankruptcy Code (the "Chapter 11 Case") in the U.S. Bankruptcy Court for
the Eastern District of Texas (the "Bankruptcy Court"). The Chapter 11 Case is
being administered under the caption In re Nuvectra Corporation, Case No.
19-43090.
On January 29, 2020, the Company filed with the Bankruptcy Court a proposed Plan
of Liquidation Under Chapter 11 of the U.S. Bankruptcy Code (the "Plan") and a
Disclosure Statement describing the Plan and the solicitation of votes from
certain of the Company's creditors to approve the Plan (the "Disclosure
Statement"). Information contained in the Plan and the Disclosure Statement is
subject to change, whether as a result of amendments or supplements to such
documents, third-party actions or otherwise, and such documents should not be
relied upon by any person. The Plan and the Disclosure Statement are available
at http://www.kccllc.net/nuvectra.
This Current Report on Form 8-K is not a solicitation to accept or reject the
proposed Plan. Any such solicitation will be made pursuant to and in accordance
with the Disclosure Statement and applicable law, including orders of the
Bankruptcy Court.
Additional Information Regarding the Chapter 11 Case
Filings with the Bankruptcy Court related to the Chapter 11 Case are available
electronically at http://www.kccllc.net/nuvectra. Information contained on, or
that can be accessed through, such website or the Bankruptcy Court is not part
of this Current Report on Form 8-K, and the Company disclaims liability for any
such information.
Forward-Looking Statements
This Current Report on Form 8-K contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based only on the Company's current beliefs, expectations and
assumptions regarding the future of the Company's business, future plans and
strategies, projections, anticipated events and trends, the economy and other
future conditions, and therefore they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict and may be
outside of the Company's control. The Company's performance may differ
materially from those indicated in the forward-looking statements, and you
should not rely on any of these forward-looking statements. Any forward-looking
statement made by the Company is based only on information currently available
to the Company and speaks only as of the date on which it is made. Important
factors that could cause the Company's actual results to differ materially from
those indicated in the forward-looking statements include: (i) the Company's
ability to obtain Bankruptcy Court approval with respect to motions in the
Chapter 11 Case; (ii) whether the Chapter 11 Case will enable to Company to sell
its assets in an orderly manner; (iii) the Company's ability to realize proceeds
from any sale of assets; (iv) the effects of the Chapter 11 Case on the Company
and the interests of the Company's creditors, equityholders and other
stakeholders; (v) the length of time the Company will operate under the Chapter
11 Case; (vi) risks associated with third party motions in the Chapter 11 Case;
(vii) risks that the Chapter 11 Case could be converted into a case under
Chapter 7 of the Bankruptcy Code; (viii) potential adverse effects of the
Chapter 11 Case proceedings on the Company's cash position and continuing
operations; (ix) risks related to the Company's ability to confirm the Plan; and
(x) other risk factors set forth in the Disclosure Statement. The Company
undertakes no obligation to publicly update any forward-looking statement,
whether written or oral, that may be made from time to time, whether as a result
of new information, future developments or otherwise.
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