SEBASTOPOL, Calif., April 15, 2002 (PRIMEZONE) -- ZAP (Nasdaq:ZAPPQ) today announced that it has submitted a Disclosure Statement and Plan of Reorganization with the Santa Rosa division of the United States Bankruptcy Court, Northern District of California.
The Disclosure Statement needs to be approved by the Court prior to the Plan's submission to the creditors and shareholders for vote.
The Plan primarily calls for creditors to be issued stock and warrants in exchange for Debt. Upon the effective date of the Plan, ZAP will acquire RAP Group, Inc. and Voltage Vehicles.
"We believe that the Plan proposed by ZAP will give all ZAP stakeholders a chance at recovery as well as a potential upside," said Voltage Vehicles President Steve Schneider. "However, we also believe that, with ZAP's limited resources, the Plan as submitted must be quickly approved by the creditors and shareholders and confirmed by the Court in order to bring ZAP's Chapter 11 filing to a successful conclusion."
The Bankruptcy Court is scheduled to hold a hearing on the disclosure statement on April 19, 2002.