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| FVCC.PK > SEC Filings for FVCC.PK > Form 8-K on 20-Jan-2005 | All Recent SEC Filings |
20-Jan-2005
Bankruptcy or Receivership
Bankruptcy
On January 20, 2005, First Virtual Communications, Inc. filed Chapter 11 reorganization cases for itself and its domestic subsidiary, CUseeMe Networks, Inc. (collectively, the "Company"), in the United States Bankruptcy Court for the Northern District of California, San Francisco Division. The Company will continue to operate its business as "debtors in possession" under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Company expects to utilize the bankruptcy process to implement a restructuring transaction that may or may not include a sale of certain assets. In addition, the Company announced an agreement in principle with its bank lender to continue to have access to working capital during this process. At the present time, the Company does not anticipate that any distributions will be available to holders of the Company's equity securities. Accordingly, the Company urges that the appropriate caution be exercised with respect to existing and future investments in any of the Company's securities as the value and prospects are highly speculative.
Cautionary Statement:
In addition to the historical information contained in this Current Report,
certain of the information contained in this Current Report should be considered
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, that reflect the Company's current views with
respect to current events and financial performance. Such forward looking
statements are and will be, as the case may be, subject to many risks,
uncertainties and factors relating to the Company's operations and business
environment which may cause the actual results of the Company to be materially
different from any future results, express or implied, by such forward-looking
statements. Factors that could cause actual results to differ materially from
these forward-looking statements include, but are not limited to, the following:
the ability of the Company to continue as a going concern; the ability of the
Company to access working capital, including, but not limited to, the use of
cash collateral or debtor in possession financing; the Company's ability to
obtain Bankruptcy Court approval with respect to motions in the Chapter 11
proceeding prosecuted by it from time to time; the ability of the Company to
develop, prosecute, confirm and consummate one or more transactions for the sale
of the Company's assets or other change of control transactions under a plan or
plans of reorganization with respect to the Chapter 11 cases; risks associated
with third parties seeking and obtaining the Bankruptcy Court's approval to
terminate or shorten the exclusivity period for the Company to propose and
confirm one or more plans of reorganization, for the appointment of a Chapter 11
trustee or to convert the cases to Chapter 7 cases; the ability of the Company
to obtain and maintain normal terms and relationships with vendors, service
providers and employees; the Company's ability to maintain contracts that are
critical to its operations; any adverse impact on us from the special
investigation and restatement of previously announced financial results; any
adverse impact arising from the delay in filing required periodic reports; the
Company's potential inability to maintain business relationships with the
Company's integrators, distributors and suppliers; and other risk factors set
forth in the Company Annual Report on Form 10-K for the year ended December 31,
2003 and in the Company's other public filings with the SEC.
We assume no obligation to update any forward-looking statements contained herein. The Company expectations and the events, conditions and circumstances on which these forward-looking statements are based may change.
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