Malibu Boats Inc.
10/08/2024 | Press release | Distributed by Public on 10/08/2024 04:01
Material Event Form 8 K
Item 8.01 Other Events.
On October 7, 2024, Malibu Boats, Inc. (the "Company") entered into a Settlement Agreement (the "Settlement Agreement") with Mark E. Andrews, Chapter 11 Trustee (the "Trustee") for Tommy's Fort Worth, LLC and its affiliate debtors (the "Debtors") in the jointly administered Chapter 11 Cases No. 24-90000 (the "Chapter 11 Cases"), pending in the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division (the "Bankruptcy Court"). Pursuant to the Settlement Agreement, upon the satisfaction of certain conditions, the Company agreed to pay the Debtors' estate $3.5 million in cash and the Company and the Trustee agreed to mutual releases of all outstanding claims between them. In addition, and as a condition of the settlement, the Trustee agreed to seek an order of the Bankruptcy Court, to enjoin Matthew Borisch, the principal owner of the Debtors, from continuing to pursue the claims against the Company and its affiliates. The Settlement Agreement remains subject to approval by the Bankruptcy Court.
Cautionary Statement Concerning Forward Looking Statements
This Current Report on Form 8-K includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as "believes," "anticipates," "expects," "intends," "estimates," "may," "will," "should," "continue" and similar expressions, comparable terminology or the negative thereof, and includes statements in this Current Report on Form 8-K regarding the ability to obtain the Bankruptcy Court's approval of the settlement.
Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, risks related to the ability of the Trustee and Debtors to obtain Bankruptcy Court approval with respect to the settlement, any attempt by Mr. Borisch to challenge the terms of the settlement, and other factors affecting us detailed from time to time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are outside our control, and there may be other risks and uncertainties which we do not currently anticipate because they relate to events and depend on circumstances that may or may not occur in the future. Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that our expectations will be achieved. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue because of subsequent events, whether because of new information, future events, changes in assumptions or otherwise. Comparison of results for current and prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.