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): July 10, 2001
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GERALD STEVENS, INC.
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(Exact name of registrant as specified in its charter)
Florida 0-05531 65-0971499
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(State or other (Commission File (IRS Employer
jurisdiction of Number) dentification No.)
incorporation)
1800 Eller Drive, Fort Lauderdale, Florida 33316
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 954/627-1000
Item 5. Other Events
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(a) As previously announced, on April 23, 2001, Gerald Stevens, Inc. filed
voluntary petitions for itself and certain of its subsidiaries (the "Debtors")
under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in
the United States Bankruptcy Court in Miami, Florida (the "Chapter 11 Cases").
The Chapter 11 Cases have been substantively consolidated, and the cases are
being administered jointly. The Debtors continue to operate the business and
manage their property as debtors-in-possession pursuant to sections 1107 and
1108 of the Bankruptcy Code.
On July 20, 2001, the Debtors submitted to the Bankruptcy Court their
Monthly Financial Report for Business (the "Report") for the period beginning
June 1, 2001 and ending June 30, 2001, and for the period beginning April 23,
2001 and ending June 30, 2001. A copy of the Report (excluding attachments filed
with the Report) is attached hereto as Exhibit 99.1 and the Report is
incorporated herein by reference.
(b) On July 10, 2001, we sold substantially all of the assets and liabilities of
our Florafax wire service business unit to Teleflora LLC for $10.71 million in
cash and the assumption of certain liabilities. We are filing the press release
relating to the sale, dated July 10, 2001, as Exhibit 99.2 to this Report and
the press release is incorporated herein by reference.
(c) Based on our pre-petition secured and unsecured debt levels, our current
post-petition debt levels, our expected additional post-petition debt
requirements, and the legal priorities in bankruptcy, we believe that any
reorganization or liquidation will result in no value remaining from the
bankruptcy estate for holders of our common stock.
Item 7. Financial Statements, Pro Forma Financial Statements, and Exhibits
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(c) Exhibits.
Exhibit No. Description
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99.1 Monthly Financial Report For Business (excluding
attachments) for the period beginning June 1, 2001 and
ending June 30, 2001, and for the period beginning April
23, 2001 and ending June 30, 2001
99.2 Press release dated July 10, 2001
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed by the undersigned,
thereunto duly authorized.
GERALD STEVENS, INC.
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(Registrant)
By /s/ WAYNE MOOR
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Wayne Moor
Senior Vice President and
Chief Financial Officer
Dated: July 24, 2001
GERALD STEVENS, INC.
Current Report on Form 8-K
Exhibit Index
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Exhibit No. Description
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99.1 Monthly Financial Report For Business (excluding
attachments) for the period beginning June 1, 2001
and ending June 30, 2001, and for the period
beginning April 23, 2001 and ending June 30, 2001
99.2 Press release dated July 10, 2001