Fix-Corp Amends Chapter 11 Filing to Include Subsidiary
HEATH, Ohio--(BUSINESS WIRE)--July 26, 1999--Fix-Corp International (OTC:BB:FIXC ) today announced the company has amended its Chapter 11 bankruptcy filing to include FIXCOR Industries, Inc., the company's major operating subsidiary.
''This action is part of our larger, overall plan for restructuring the entire company,'' said Mark P. Hershhorn, Fix-Corp chairman and chief executive officer. ''Securing Chapter 11 protection for FIXCOR Industries will help us execute the plan properly.''
Fix-Corp International filed for Chapter 11 protection on Feb. 17, 1999 with the U.S. Bankruptcy Court. In late April the company received Court approval for a new management team. On June 28, the company announced 1998 losses totaling $17.6 million.
Fix-Corp's new bankruptcy counsel, Benesch, Friedlander, Coplan & Arnoff, LLP, effected today's amendment to the company's bankruptcy proceedings. The firm will also represent Fix-Corp's subsidiaries in bankruptcy actions.
Fix-Corp International, Inc. is a recycler of post-consumer high density polyethylene (HDPE) and a producer of recycled post-consumer plastic resin pellets. Fix-Corp International also reclaims and recycles both oil and plastic from post-consumer HDPE motor oil. The company is based in Heath, Ohio.
This release contains statements that constitute ''forward looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward looking statements involve unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.
Given these uncertainties, readers of this release and investors are cautioned not to place undue reliance on such forward looking statements. The company disclaims any obligation to update such factors or to publicly announce the result of any revisions to any forward looking statements, which may be contained herein to reflect future events or developments.
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