Item 5. Other Events.
On April 12, 2001 the Company announced that, consistent with its prior public disclosure, it continues in its general inability to satisfy creditor obligations as they become due and continues to suffer from liquidity shortfalls and less than necessary cash reserves. Accordingly, on April 12, 2001 the Company and its domestic subsidiaries and affiliates filed for relief under Chapter 11 of the Federal Bankruptcy Code.
Also on April 12, 2001, the Company announced that it does not intend to file with the SEC an Annual Report on Form 10-K for the year ended December 31, 2000 and that for this and other reasons, believes its stock will be delisted from trading on the Nasdaq National Market.
The press release filed as Exhibit 99.2 describes the bankruptcy filing in greater detail.