Archive - Mar 1, 2002

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ZAP Announces Plan to Reorganize Under Chapter 11

Submitted by acampbell on Fri, 03/01/2002 - 21:00.
SEBASTOPOL, Calif.-March 1, 2002-ZAP (NASDAQ:ZAPP) filed a voluntary petition today for reorganization under Chapter 11 of the U. S. Bankruptcy Code with the U.S. Bankruptcy Court in Santa Rosa, California. The protection of Chapter 11 allows ZAP to reorganize its business operations and finances. The Company plans to use existing cash, revenue generated from normal business activities, and the benefits of relief opportunities provided by Chapter 11 to finance operations through this period and to create new business opportunities in 2002.