Just documenting some history thru recent PRs for (easy) future reference...
PCIEE: the Road to Recovery and the Next Steps Required to Exit Chapter 11
Business Editors
LONG BEACH, Calif.--(BUSINESS WIRE)--Feb. 29, 2000--Pacific International Enterprises Inc. (Symbol: PCIEE) releases latest news.
PCIE is steadily moving toward reorganization and emerging from Chapter 11. The Company has endured assaults launched from its landlord as well as the secured lien holders. PCIE obtained a Preliminary Injunction against KCDK, LLC the landlord and then secured the Court's agreement to halt any foreclosure proceeding by the landlord regarding the landlord's attempt to assert a landlord's lien and sale of the assets of PCIE.
PCIE has filed a Motion for Summary Judgement against KCDK, LLC, France Sports Mfg., LLC, JM Murray, LT Murray, individuals, Key Bank of Washington and Keycorp Leasing Ltd. The Motion seeks to have the Court determine the ranking of the security interest of all of the concerned parties in this matter.
This action and a decision by the Court will effectively settle the various ranking disputes and allow the Zaremba transaction to move forward to successful completion. PCIE has also filed a Motion Seeking the Court's Approval of the Zaremba Contract. The Zaremba Contract provides PCIE with the funds required to emerge from Chapter 11 and be able to recommence profitable business operations.
If PCIE is granted a Summary Judgement that ranks the Murray"s as the senior lien holder, PCIE will shortly thereafter file a plan for re-organization with the Court seeking the Court's approval for the reorganized company to move out of Chapter 11. "The struggle is not yet over, but the light at the end of the tunnel grows brighter every day." states Binks Graval, CEO. Graval further commented, "When I started this bankruptcy process, I knew that there were inherent risks involved with any bankruptcy action but the company could not reach agreement, about anything, with its creditors, lienholders and the landlord. This Chapter 11
reorganization, if successfully executed, will result in the Company emerging debt free and fully financed through a combination of equity and low cost working capital infusions. Management has always been burdened with dealing with third party interests and has not yet been given the chance to participate effectively in its business. The various parties, at one stage or another, have blocked financing efforts by refusing to cooperate, have not agreed on the business plan, have reneged on promises and generally interfered in the attempts by management to operate this business. Now, it appears that all of that might be behind us in the very near future."
Statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company and dependence on third party suppliers. |
