Archive - Apr 15, 2002

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ZAP Moves Forward With its Plan of Reorganization; Files Plan and Disclosure Statement With the Bankruptcy Court

Submitted by acampbell on Mon, 04/15/2002 - 20:00.
SEBASTOPOL, Calif., April 15, 2002 -- ZAP (Nasdaq:ZAPPQ) today announced that it has submitted a Disclosure Statement and Plan of Reorganization with the Santa Rosa division of the United States Bankruptcy Court, Northern District of California. The Disclosure Statement needs to be approved by the Court prior to the Plan's submission to the creditors and shareholders for vote. The Plan primarily calls for creditors to be issued stock and warrants in exchange for Debt. Upon the effective date of the Plan, ZAP will acquire RAP Group, Inc. and Voltage Vehicles.