IntelliCorp Announces Confirmation of Plan of Reorganization to Emerge From Chapter 11
MOUNTAIN VIEW, Calif., Feb. 18 /PRNewswire/ -- IntelliCorp, Inc., a leading provider of business process optimization solutions, together with its wholly owned subsidiary, Megaknowledge, Inc., today announced that the United States Bankruptcy Court for the District of Delaware issued the final order on February 7, 2003 confirming its joint plan of reorganization. After completing certain administrative requirements set forth in the Plan, the Plan became effective on February 14, 2003. The Company expects to fully emerge from Chapter 11 in the April 2003 timeframe.
"This marks the completion of a significant milestone in our overall strategy of rebuilding IntelliCorp and sets the stage for our immediate emergence from Chapter 11," said Jerry Klajbor, IntelliCorp's CFO. "In addition, we have worked diligently over the past five months since we filed to complete many of the financial, management, and product development initiatives needed to position us for the near term market opportunities, as well as strategically for the future. As a result of the Chapter 11 process and other changes we have made in the overall business operations, we have dramatically reduced our overall debt and decreased our overall expense base. Furthermore, we have secured sufficient exit financing to allow us to direct our attention on growing the revenue base. Finally, given that the Company will emerge as a privately held entity, the management team will be able to focus on overall strategy aimed at long-term growth."
"We strongly believe that our products and services are well positioned for the current market," added George D'Auteuil, IntelliCorp's Vice President of Global Marketing and Sales. "Over the past year, we have continued to refine our marketing and sales approach for our offerings. As a result, we have discovered cost-effective sales channels that should exponentially increase the visibility of our products and services to potential new customers. We are confident that these initiatives will lead to an increase in sales across the Company."
"When we announced our decision to file for Chapter 11 this past September, one of our main goals was to continue to support our current customers without any degradation or interruption in the quality or level of service they have come to expect from IntelliCorp. As a direct result of the hard work and dedication of our entire staff, we clearly accomplished this extremely important objective. The management team would like to thank all of our customers for their continued support, as well as our entire global team for their efforts, which together have enabled us to reach this key milestone in our restructuring process," added Jerry Klajbor.
Norman J. Wechsler, Chairman of the Board, stated, "I would like to thank Jerry Klajbor for his special and essential efforts in leading us through this difficult process as effective acting CEO, as well as his fine team. Their work went well beyond an ordinary role in making sure that everything was done quickly and properly, allowing us a quick turnaround from the 'old' IntelliCorp to the 'new.' We have effectively completed the necessary downsizing to align the Company with today's IT environment. The new IntelliCorp, with its strong Executive Staff, is ready to move forward as one team dedicated to culture, community, and communications, and with a clear strategy for future growth and profitability." |
