SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): February 7, 2003
Worldwide Medical Corporation
(Exact name of registrant as specified in its charter)
Delaware 000-33263 33-0601331
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
13 Spectrum Pointe Drive, Lake Forest, California 92630
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949) 598-8378
Item 3. Bankruptcy or Receivership.
On February 7, 2003, Worldwide Medical Corporation, a Delaware
corporation (the "Debtor"), filed a voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code with the United States Bankruptcy Court
for the District of Delaware (the "Court"). The bankruptcy case (Case No.
03-10390 (PJW)) is currently pending before Chief Judge Peter J. Walsh.
The Debtor continues to manage its properties and operate its business
as a "debtor-in-possession" under the jurisdiction of the Court and in
accordance with the applicable provisions of the Bankruptcy Code. The Debtor has
filed a motion for $2,050,000 of debtor-in-possession financing from Ziegler
Health Care I, L.P., an existing lender of the Debtor. The Court has approved
interim orders authorizing the Debtor to obtain $264,000 of interim
debtor-in-possession financing. The final hearing on the debtor-in-possession
financing and use of cash collateral is scheduled for March 13, 2003.
On February 10, 2003, the Debtor filed a motion to sell substantially
all of its assets free and clear of all liens, encumbrances and interests. On
February 28, 2003, the Court entered an order approving bidding procedures for
the sale of the Debtor's assets. A hearing to approve the sale of the Debtor's
assets is scheduled for April 15, 2003.
On February 7, 2003, the Debtor issued a press release relating to its
bankruptcy filing, a copy of which is attached hereto as Exhibit 99.1 and
incorporated herein by reference.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 Press Release of Worldwide Medical Corporation dated February 7,
2003.
SIGNATURE
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 thereunto duly authorized.
Dated: March 4, 2003 WORLDWIDE MEDICAL CORPORATION
By: /s/ G. Wendell Birkhofer
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G. Wendell Birkhofer,
Chief Executive Officer
By: /s/ Kevin J. Gadawski
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Kevin J. Gadawski,
Chief Financial Officer
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