UNITED STATES
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): April 30, 2001
CVEO Corporation
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(Exact name of registrant specified in Charter)
Delaware 1-13430 04-1419731
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
One Fordham Road, North Reading, MA 01864
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(Address of principal executive offices) Zip Code
Registrant's telephone, including area code: 978.664.1100
Converse Inc.
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(Former name and former address, if changed since last report)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On April 30, 2001, CVEO Corporation (the "Company"), formerly named
Converse Inc., completed the sale of substantially all of its assets to Footwear
Acquisition, Inc. As previously disclosed, the sale price was $117,500,000,
subject to adjustments. Over the next several weeks closing levels of inventory
and accounts receivable will be calculated, and the final sale price will be
determined.
Proceeds of the sale will be used to repay amounts outstanding under the
Company's debtor in possession financing facility. The remaining proceeds will
be utilized to fund the ongoing expenses of the Company's chapter 11 case and to
fund creditor distributions. Creditor claims substantially exceed available
proceeds, but there has been no determination of any amount payable to unsecured
creditors or the timing of any such payment. No distribution to stockholders is
expected.
Because the sale included the name "Converse" and all other intellectual
property, the Company has changed its name to "CVEO Corporation."
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
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99.1 Press Release dated May 1, 2001.
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, in North Reading, Massachusetts on May 2,
2001.
CVEO CORPORATION
By: /s/ James E. Lawlor
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James E. Lawlor
Senior Vice President and
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit Page
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99.1 Press Release dated May 1, 2001 4