Item 1.03 Bankruptcy or Receivership.
Chapter 11 Filing
On
Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement.
The commencement of the Chapter 11 Case described in Item 1.03 above may
constitute an event of default that may accelerate the Company's obligations
under outstanding promissory notes in the aggregate approximate principal amount
of up to
Any efforts to enforce the payment obligations under the Notes are automatically stayed as a result of the filing of the Chapter 11 Case, and the creditors' rights of enforcement in respect of the Notes are subject to the applicable provisions of the Bankruptcy Code.
Item 7.01 Regulation FD Disclosure.
On
Cautionary Information Regarding Trading in the Company's Securities
The Company cautions that trading in the Company's securities during the pendency of the Chapter 11 Case is highly speculative and poses substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by the holders of the Company's securities in the Chapter 11 Case.
Forward-Looking Statements
This Current Report on Form 8-K contains certain forward-looking statements
within the meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, as amended, based on our current expectations,
estimates and projections about our operations, financial condition, results of
operations, and liquidity. Statements containing words such as "may," "believe,"
"anticipate," "expect," "intend," "plan," "project," "estimate," or similar
expressions constitute forward-looking statements. These forward-looking
statements include, but are not limited to, statements regarding expectations
about the timing and execution of the Company's strategic transactions, and the
operating expectations during the pendency of the Chapter 11 Case. Potential
factors that could affect such forward-looking statements include, among others,
risks and uncertainties relating to the Chapter 11 Case, including, but not
limited to, the Company's ability to obtain
The information in this Item 7.01 and in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. The filing of this Item 7.01 of this report shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.
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