US Parts Announces Reorganization Efforts Through Chapter 11

Apr 20, 2001, 01:00 ET from US Parts

    HOUSTON, April 20 /PRNewswire Interactive News Release/ -- US Parts
 (OTC Bulletin Board:   RAVE.OB) announced that on April 19, 2001, it voluntarily
 filed for reorganization under Chapter 11 of the United States Bankruptcy Code
 in the U.S. Bankruptcy Court of the Southern District of Texas, Houston
 Division.  Concurrently with the filing, US Parts, whose corporate name is
 Rankin Automotive Group, Inc., is initiating efforts to achieve a
 comprehensive restructuring of its obligations to all creditors.  Although
 there can be no assurance that it will be successful, the objective of the
 reorganization is to provide the Company with an opportunity to emerge from
 Chapter 11 with an improved capital structure and sufficient resources to
 carry on its business.
     The Company is currently operating as a "Debtor-in-Possession" and is
 seeking court authorization to use existing resources to continue operating
 during the bankruptcy and to pay employees.
     Steve Saterbak, Vice President - Finance said, "while this was a very
 difficult decision to make, the Board of Directors determined that filing for
 protection was in the best interest of the Company's creditors, employees,
 customers and shareholders."
 
     US Parts sells automotive parts, products and accessories to commercial
 and retail customers in Texas through its Houston distribution center and 14
 stores.
 
     Certain statements contained in this press release are forward-looking
 statements.  These statements discuss, among other things, expected
 development, strategy and future performance.  These forward-looking
 statements are subject to risks, uncertainties, and assumptions including
 without limitation, availability of credit, competition, product supply and
 demand, domestic and international economies, government approvals, the
 ability to hire and retain qualified employees, and the weather.  Actual
 results may materially differ from anticipated results.  Please refer to the
 Risk Factors section of the 10-Q for the three months ended November 30, 2000
 for more details.
 
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SOURCE US Parts
    HOUSTON, April 20 /PRNewswire Interactive News Release/ -- US Parts
 (OTC Bulletin Board:   RAVE.OB) announced that on April 19, 2001, it voluntarily
 filed for reorganization under Chapter 11 of the United States Bankruptcy Code
 in the U.S. Bankruptcy Court of the Southern District of Texas, Houston
 Division.  Concurrently with the filing, US Parts, whose corporate name is
 Rankin Automotive Group, Inc., is initiating efforts to achieve a
 comprehensive restructuring of its obligations to all creditors.  Although
 there can be no assurance that it will be successful, the objective of the
 reorganization is to provide the Company with an opportunity to emerge from
 Chapter 11 with an improved capital structure and sufficient resources to
 carry on its business.
     The Company is currently operating as a "Debtor-in-Possession" and is
 seeking court authorization to use existing resources to continue operating
 during the bankruptcy and to pay employees.
     Steve Saterbak, Vice President - Finance said, "while this was a very
 difficult decision to make, the Board of Directors determined that filing for
 protection was in the best interest of the Company's creditors, employees,
 customers and shareholders."
 
     US Parts sells automotive parts, products and accessories to commercial
 and retail customers in Texas through its Houston distribution center and 14
 stores.
 
     Certain statements contained in this press release are forward-looking
 statements.  These statements discuss, among other things, expected
 development, strategy and future performance.  These forward-looking
 statements are subject to risks, uncertainties, and assumptions including
 without limitation, availability of credit, competition, product supply and
 demand, domestic and international economies, government approvals, the
 ability to hire and retain qualified employees, and the weather.  Actual
 results may materially differ from anticipated results.  Please refer to the
 Risk Factors section of the 10-Q for the three months ended November 30, 2000
 for more details.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X92731451
 
 SOURCE  US Parts