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):
March 29, 2002
.
The Plastic Surgery Company
(Exact name of registrant as specified in charter)
Georgia 001-15431 58-2317410
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
509 E. Montecito Street, 2nd Floor, Santa Barbara California 93103
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (805) 963-0400
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Not Applicable
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(Former name or former address, if changed since last report)
Item 3. Bankruptcy Or Receivership
On March 29, 2002, The Plastic Surgery Company (TPSC) and
all of its subsidiaries, The Plastic Surgery Company of North Carolina,
Inc., Personal Image Center of Connecticut, Florida Center for Cosmetic
Surgery, Inc. and Florida Center for Cosmetic Surgery of West Palm Beach,
Inc. (collectively, the "Subsidiaries"), filed voluntary petitions under
Chapter 11 of the United States Bankruptcy Code (the "Code") with the
United States Bankruptcy Court for the Central District of California,
seeking reorganization under Chapter 11, thereby commencing bankruptcy,
Case Nos. ND02-10980RR, ND02-10981RR, ND02-10982RR, ND02-10983RR, and
ND02-10984RR , assigned to Judge Robin Riblet. TPSC and the
Subsidiaries are operating as debtors-in-possession under the Code.
Item 7. Financial Statements And Exhibits
(a) Financial Statements of Business Acquired. Not Applicable.
(b) Pro Forma Financial Information. Not Applicable.
(c) Exhibits
99.1 Press Release dated March 29, 2002, of the Registrant
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.
The Plastic Surgery Company
Dated: March 29, 2002 By: /s/ DENNIS E. CONDON
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Dennis E. Condon
Chief Executive Officer and President
EXHIBIT INDEX
Exhibit
Number Description
99.1 Press Release dated March 29, 2002, of the Registrant.
<page>
Exhibit 99.1
For Further Information: CONTACT
The Plastic Surgery Company
Personal Image Centers Adam Romo
509 E. Montecito St., 2nd Floor Chief Financial Officer
Santa Barbara, California 93103 (805) 963-0400, ext. 206
For Immediate Release: adam@idealme.com
The Plastic Surgery Company
Files For Chapter 11 Protection
Santa Barbara, Calif., March 29, 2002 - The Plastic Surgery Company (AMEX: PSU;
www.tpsc.com) today announced that the Company and its wholly owned
subsidiaries
filed voluntary petitions for relief under Chapter 11 of the United States
Bankruptcy Code with the U.S. Bankruptcy Court for the Central District of
California. The operations of the Company and its subsidiaries will continue
during the bankruptcy proceedings.
The Plastic Surgery Company owns and/or operates the only national chain of
cosmetic surgery and cosmetic laser centers. The Company operates outside
of the managed care market and provides private pay, fee-for-service cosmetic
surgery and laser procedures through a retail network of surgery centers.
These
services include cosmetic surgery, cosmetic laser skin treatments and
physician-directed skin care all under the national umbrella of Personal Image
Centers.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of
1995--With the exception of historical information, the matters discussed in
this press release are forward looking statements that involve a number of
risks and uncertainties. Readers are cautioned not to place undue reliance on
these forward-looking statements which speak only as of their dates. The actual
future results of the Company could differ significantly from those statements.
Factors that could cause or contribute to such differences, include,
but are not
limited to, the risks involving the Company's ability to continue operations
without receiving additional capital; continuing demand for plastic surgery
procedures, the ability to successfully expand the practices of its affiliates,
the ability to recruit other affiliates, the ability to secure financing for
future acquisitions, the performance of our affiliates, the loss of our key
personnel, the impact of competition, changes in applicable governmental
regulations and the effectiveness of our websites. In connection with the
audit of its financial statements for the year ended December 31, 2000, the
report of the Company's independent auditors contained an explanatory paragraph
with respect to the Company's ability to continue as a going concern. As part of
the Company's program to improve liquidity, the Company is in the process of
implementing a cost-reduction program, negotiating with debt holders and seeking
financing alternatives. The Company cannot provide any assurance that it will
succeed in restructuring its obligations or that it will not run out of cash.
For a more detailed description of a discussion of risk factors, please see
our prospectus, dated December 31, 1999, a copy of which can be obtained from
the Company.