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 of earliest event reported): September 22, 2000
SIGNAL APPAREL COMPANY, INC.
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(Exact name of Registrant as specified in its charter)
Indiana 1-2782 62-0641635
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
34 Englehard Avenue, Avenel, New Jersey 07001
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (732) 382-2882
Item 3. Bankruptcy or Receivership
On September 22, 2000, Signal Apparel Company, Inc. (the "Company") issued
a press release, a copy of which is attached hereto as Exhibit 99.1, announcing
that on September 22, 2000 the Company filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court
for the Southern District of New York. The Company's Chapter 11 bankruptcy is
proceeding as Case No. 00 B 14462 in the U.S. Bankruptcy Court for the Southern
District of New York.
Item 5. Other Events
Effective August 29, 2000, Henry Aaron resigned as a member of the
Company's Board of Directors. Effective September 21, 2000, Messrs. Paul R.
Greenwood and Stephen Walsh resigned from the Company's Board of Directors, and
Mr. Walsh also resigned from his position as the Company's Chief Executive
Officer. Additionally, Michael Harary resigned from his position as Executive
Vice President of the Company effective September 21, 2000 and Zvi Ben-Haim
resigned from his position as President of the Company effective October 4,
2000, with each claiming certain rights and remedies under his respective
Employment Agreement based on (i) an alleged "financing default" under the Asset
Purchase Agreement pursuant to which the Company acquired the business and
assets of Tahiti Apparel, Inc. from Messrs. Ben-Haim and Harary and one other
shareholder in March 1999 and (ii) an alleged constructive termination by the
Company. Mr. Harary also resigned as a director of the Company effective
September 29, 2000.
Effective September 28, 2000, Donald R. Rose was elected by the Board of
Directors to serve as an additional director of the Company.
Item 7. Exhibits
Exhibit 99.1 Press Release dated September 22, 2000.
Exhibit 99.2 Letter dated September 21, 2000 addressed to the Company from
Mr. Michael Harary, resigning from his position as an executive
officer and purporting to exercise certain rights under his
Employment Agreement with the Company.
Exhibit 99.3 Letter dated October 4, 2000 addressed to the Company from
Mr. Zvi Ben-Haim, resigning from his position as an executive
officer and purporting to exercise certain rights under his
Employment Agreement with the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 9, 2000 SIGNAL APPAREL COMPANY, INC.
By: /s/ Robert J. Powell
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Robert J. Powell
Vice President,
General Counsel & Secretary