Dura Automotive (NASDAQ:DRRA)
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DURA Automotive Systems, Inc. (Nasdaq:DRRA), announced today that it has
received a delisting notification from The Nasdaq Stock Market dated
October 30, 2006. Trading of DURA’s common
stock will be suspended at the opening of business on November 8, 2006.
The company does not intend to appeal the decision.
NASDAQ indicated in its letter that the delisting determination was
prompted in light of DURA’s voluntary filing
for protection under Chapter 11 of the U.S. Bankruptcy Code and was
based on Nasdaq Marketplace Rules 4300, 4450(f), and IM-4300.
On Monday, October 30, DURA and its U.S. and Canadian subsidiaries filed
for protection under Chapter 11 of the U.S. Bankruptcy Code with the
U.S. Bankruptcy Court for the District of Delaware. DURA's European and
other operations outside of the U.S. and Canada, accounting for
approximately 51% of DURA's revenue, are not part of the filing.
About DURA Automotive Systems, Inc.
DURA Automotive Systems, Inc., is a leading independent designer and
manufacturer of driver control systems, seating control systems, glass
systems, engineered assemblies, structural door modules and exterior
trim systems for the global automotive industry. The company is also a
leading supplier of similar products to the recreation vehicle (RV) and
specialty vehicle industries. DURA sells its automotive products to
every North American, Japanese and European original equipment
manufacturer (OEM) and many leading Tier 1 automotive suppliers. DURA is
headquartered in Rochester Hills, Mich. Information about DURA and its
products is available on the Internet at www.DURAauto.com.
Forward-looking Statements
This press release, as well as other statements made by DURA may contain
forward-looking statements within the “safe
harbor” provisions of the Private Securities
Litigation Reform Act of 1995, that reflect, when made, 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: (i) the ability of the company to continue as a going
concern; (ii) the ability of the company to operate pursuant to the
terms of the debtor-in-possession (“DIP”)
financing facility; (iii) the company’s
ability to obtain court approval with respect to motions in the chapter
11 proceeding prosecuted by it from time to time; (iv) the ability of
the company to develop, prosecute, confirm and consummate one or more
plans of reorganization with respect to the Chapter 11 cases; (iv) risks
associated with third parties seeking and obtaining court 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; (v) the
ability of the company to obtain and maintain normal terms with vendors
and service providers; (vi) the company’s
ability to maintain contracts that are critical to its operations; (vii)
the potential adverse impact of the Chapter 11 cases on the company’s
liquidity or results of operations; (viii) the ability of the company to
execute its business plans, and strategy, including the operational
restructuring initially announced in February 2006, and to do so in a
timely fashion; (ix) the ability of the company to attract, motivate
and/or retain key executives and associates; (x) the ability of the
company to avoid or continue to operate during a strike, or partial work
stoppage or slow down by any of its unionized employees; (x) general
economic or business conditions affecting the automotive industry (which
is dependent on consumer spending), either nationally or regionally,
being less favorable than expected; and (xi) increased competition in
the automotive components supply market. Other risk factors are listed
from time to time in the company’s United
States Securities and Exchange Commission reports, including, but not
limited to the Annual Report on Form 10-K for the year ended
December 31, 2005. DURA disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events and/or otherwise.
Similarly, these and other factors, including the terms of any
reorganization plan ultimately confirmed, can affect the value of the
company’s various pre-petition liabilities,
common stock and/or other equity securities. Additionally, no assurance
can be given as to what values, if any, will be ascribed in the
bankruptcy proceedings to each of these constituencies. A plan of
reorganization could result in holders of DURA’s
common stock receiving no distribution on account of their interest and
cancellation of their interests. Under certain conditions specified in
the Bankruptcy Code, a plan of reorganization may be confirmed
notwithstanding its rejection by an impaired class of creditors or
equity holders and notwithstanding the fact that equity holders do not
receive or retain property on account of their equity interests under
the plan. In light of the foregoing, the company considers the value of
the common stock to be highly speculative and cautions equity holders
that the stock may ultimately be determined to have no value.
Accordingly, the company urges that appropriate caution be exercised
with respect to existing and future investments in DURA’s
common stock or other equity interests or any claims relating to
pre-petition liabilities.
DURA Automotive Systems, Inc. (Nasdaq:DRRA), announced today that
it has received a delisting notification from The Nasdaq Stock Market
dated October 30, 2006. Trading of DURA's common stock will be
suspended at the opening of business on November 8, 2006. The company
does not intend to appeal the decision.
NASDAQ indicated in its letter that the delisting determination
was prompted in light of DURA's voluntary filing for protection under
Chapter 11 of the U.S. Bankruptcy Code and was based on Nasdaq
Marketplace Rules 4300, 4450(f), and IM-4300.
On Monday, October 30, DURA and its U.S. and Canadian subsidiaries
filed for protection under Chapter 11 of the U.S. Bankruptcy Code with
the U.S. Bankruptcy Court for the District of Delaware. DURA's
European and other operations outside of the U.S. and Canada,
accounting for approximately 51% of DURA's revenue, are not part of
the filing.
About DURA Automotive Systems, Inc.
DURA Automotive Systems, Inc., is a leading independent designer
and manufacturer of driver control systems, seating control systems,
glass systems, engineered assemblies, structural door modules and
exterior trim systems for the global automotive industry. The company
is also a leading supplier of similar products to the recreation
vehicle (RV) and specialty vehicle industries. DURA sells its
automotive products to every North American, Japanese and European
original equipment manufacturer (OEM) and many leading Tier 1
automotive suppliers. DURA is headquartered in Rochester Hills, Mich.
Information about DURA and its products is available on the Internet
at www.DURAauto.com.
Forward-looking Statements
This press release, as well as other statements made by DURA may
contain forward-looking statements within the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995, that reflect,
when made, 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: (i) the ability of the company to
continue as a going concern; (ii) the ability of the company to
operate pursuant to the terms of the debtor-in-possession ("DIP")
financing facility; (iii) the company's ability to obtain court
approval with respect to motions in the chapter 11 proceeding
prosecuted by it from time to time; (iv) the ability of the company to
develop, prosecute, confirm and consummate one or more plans of
reorganization with respect to the Chapter 11 cases; (iv) risks
associated with third parties seeking and obtaining court 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;
(v) the ability of the company to obtain and maintain normal terms
with vendors and service providers; (vi) the company's ability to
maintain contracts that are critical to its operations; (vii) the
potential adverse impact of the Chapter 11 cases on the company's
liquidity or results of operations; (viii) the ability of the company
to execute its business plans, and strategy, including the operational
restructuring initially announced in February 2006, and to do so in a
timely fashion; (ix) the ability of the company to attract, motivate
and/or retain key executives and associates; (x) the ability of the
company to avoid or continue to operate during a strike, or partial
work stoppage or slow down by any of its unionized employees; (x)
general economic or business conditions affecting the automotive
industry (which is dependent on consumer spending), either nationally
or regionally, being less favorable than expected; and (xi) increased
competition in the automotive components supply market. Other risk
factors are listed from time to time in the company's United States
Securities and Exchange Commission reports, including, but not limited
to the Annual Report on Form 10-K for the year ended December 31,
2005. DURA disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events and/or otherwise.
Similarly, these and other factors, including the terms of any
reorganization plan ultimately confirmed, can affect the value of the
company's various pre-petition liabilities, common stock and/or other
equity securities. Additionally, no assurance can be given as to what
values, if any, will be ascribed in the bankruptcy proceedings to each
of these constituencies. A plan of reorganization could result in
holders of DURA's common stock receiving no distribution on account of
their interest and cancellation of their interests. Under certain
conditions specified in the Bankruptcy Code, a plan of reorganization
may be confirmed notwithstanding its rejection by an impaired class of
creditors or equity holders and notwithstanding the fact that equity
holders do not receive or retain property on account of their equity
interests under the plan. In light of the foregoing, the company
considers the value of the common stock to be highly speculative and
cautions equity holders that the stock may ultimately be determined to
have no value. Accordingly, the company urges that appropriate caution
be exercised with respect to existing and future investments in DURA's
common stock or other equity interests or any claims relating to
pre-petition liabilities.