LOS ANGELES--(BUSINESS WIRE)--June 30, 2004--ORBIT BRANDS CORPORATION f/k/a orbitTRAVEL.com Corporation (OBTV) (NASDAQ).
ORBIT BRANDS CORPORATION announced today that on Friday, June 25, 2004, several of its creditors filed an Involuntary Chapter 11 Petition against the Company with the objective of reorganizing the Company in the United States Bankruptcy Court for the Central District of California, in Los Angeles, California. The Company has issued notice of the involuntary bankruptcy filing to all of its shareholders and has filed an SEC Form 8-K regarding this event with the Securities and Exchange Commission.
The Petitioning Creditors expressed concern that ongoing litigation in Delaware, brought by a former employee of the Company and believed to be supported by the Company's former chief legal counsel, represents an unregistered hostile takeover attempt for control of a public company. These creditors have informed the Company that they believe such action places their interests in jeopardy.
Some bankruptcies are hard to predict. Have you considered Business Credit Insurance lately?
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