Sunbeam Reorginization Delays Quarterly Report Nov 15, 2002

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Sunbeam Corp. said it was unable to file its quarterly report, due Nov. 14 because it is working on its plan to get out of Chapter 11 bankruptcy. Sunbeam said it intends to file its quarterly report for the quarter in the next five calendar days.

"In light of the significant resources and time dedicated to the preparation of the third amended plan of reorganization and the related confirmation process, Sunbeam Corporation is not in a position to timely file its quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2002," Sunbeam said in a filing with the Securities and Exchange Commission.

In September, Sunbeam filed an amended reorganization plan. Under the plan, most of the company's secured bank debt would be converted to equity. The banks are owed about U.S. $1.7 billion from loans made to Sunbeam. At the time, the company also said in its filing that the U.S. Justice Department had begun an investigation of Sunbeam's management during the period when the appliance maker was run by Albert Dunlap, known as "Chainsaw Al" for cutting thousands of jobs in the 1990s before the appliance maker went bankrupt. (Reuters)

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