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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date or earliest event reported) October 17, 2003
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UNIROYAL TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of other jurisdiction of incorporation)
0-20686 65-0341868
(Commission File Number) (IRS Employer Identification No.)
3401 Cragmont Drive
Tampa, Florida 33619
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (813) 630-9100
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(Former name or former address, if changed since last report.)
Item 2. Acquisition or Disposition of Assets
On August 14, 2003, Uniroyal Technology Corporation (the "Company")
reported that it had filed with the United States Bankruptcy Court for the
District of Delaware (the "Bankruptcy Court") a motion for approval of bidding
procedures and sale of substantially all the assets of the Company's subsidiary,
Uniroyal Engineered Products, LLC ("UEP") to UEP Acquisition LLC for a purchase
price of $17.39 million, subject to adjustments. Howard R. Curd, Chairman and
Chief Executive Officer of the Company, is a principal of UEP Acquisition LLP.
No other potential purchasers having appeared at the auction scheduled for
September 24, 2003, the sale to UEP Acquisition LLC was approved by the
Bankruptcy Court on October 3, 2003. The sale was consummated on October 17,
2003.
The Company's subsidiary, Uniroyal Optoelectronics, Inc. ("UOE") has
been selling its assets in piecemeal fashion since August 1, 2003 pursuant to a
procedure approved by the Bankruptcy Court. Sales of the remaining assets of
will be made in cooperation with the Company's secured lender.
Item 3. Bankruptcy or Receivership
As previously reported, , the Company and all of its subsidiaries filed
voluntary petitions for reorganization under Chapter 11 of the United States
Bankruptcy Code (the "Bankruptcy Code") in the Bankruptcy Court (Case Nos.
02-12471 through 02-12485) on August 25, 2002.
At the monthly omnibus hearing held in the Bankruptcy Court on
October 24, 2003, the Company, the Company's secured lender, the Official
Committee of Unsecured Creditors and other parties acknowledged that, in light
of the administrative insolvency of the Company, conversion of the Chapter 11
cases to liquidation under Chapter 7 of the Bankruptcy Code would be
appropriate. On October 30, 2003, the Bankruptcy Court issued an order
converting the cases to liquidation under Chapter 7 of the Bankruptcy Code. It
is not anticipated that the Company's stockholders and holders of unsecured and
administrative claims will receive any recovery in the bankruptcy proceedings.
The liquidation of the assets of the Company and its subsidiaries will be
completed under the direction of a Chapter 7 trustee appointed by
the Office of United States Trustee.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
UNIROYAL TECHNOLOGY CORPORATION
Date: October 31, 2003 By: /s/ George J Zulanas, Jr.
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George J. Zulanas, Jr., Executive
Vice President, Treasurer and
Chief Financial Officer