<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Microsoft FrontPage 5.0">
<TITLE>PCD'S FORM 8-K FILED MARCH 31, 2003</TITLE>
<META NAME="doccomm" CONTENT="R4XQ01_.DOC (889306 v. 1)">
<META NAME="Template" CONTENT="F:\Program Files\Microsoft Office\Office\html.dot">
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=665>
<TR><TD VALIGN="TOP" COLSPAN=6>
<B><FONT SIZE=5><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<B><FONT SIZE=4><P ALIGN="CENTER">WASHINGTON, D.C. 20549</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<P>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<B><FONT SIZE=4><P ALIGN="CENTER">FORM 8-K</P>
<P ALIGN="CENTER">CURRENT REPORT</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<P>PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<P>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<P>Date of Report (Date of earliest event reported) <u>March 21, 2003</u></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=8><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=8><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<P ALIGN="CENTER">Commission File Number 0-27744</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<B><FONT SIZE=4><P ALIGN="CENTER">PCD INC.</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<I><P ALIGN="CENTER">(Exact Name of Registrant as Specified in its Charter)</I></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<B><P>Massachusetts &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-2604950</B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<I><P>(State or Other Jurisdiction of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer</I></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<I><P>Incorporation or Organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identification Number)</I></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<B><P ALIGN="CENTER">2 Technology Drive</B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<B><P ALIGN="CENTER">Centennial Park</B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<B><P ALIGN="CENTER">Peabody, Massachusetts 01960-7977</B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<I><P ALIGN="CENTER">(Address of Principal Executive Offices, Including Zip Code)</I></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6>
<B><P ALIGN="CENTER">Registrant's telephone number, including area code: (978) 532-8800</B></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=26><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=26><P></P></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<u>
<p align="left">ITEM 3</u>. BANKRUPTCY AND RECEIVERSHIP</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 21, 2003, PCD Inc. (OTC Bulletin Board: PCDI.OB),
a manufacturer of electronic connectors, announced that, having completed its
review of strategic alternatives for addressing its capital structure, it has
entered into definitive agreements to sell the assets of its two business
divisions. To facilitate the sales, PCD Inc. and its domestic subsidiary, Wells-CTI,
Inc., filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in
the U.S. Bankruptcy Court for the District of Massachusetts. The Chapter 11
filings will allow the sale of the assets of the domestic entities to be free
and clear from certain liabilities that the prospective purchasers do not wish
to assume.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCD Inc. has agreed to sell its Industrial/Avionics
Division, headquartered in Peabody, MA, and focused on control interconnects and
terminal blocks, to Amphenol Corporation for $14 million, less assumed
liabilities. The Wells-CTI Division which has headquarters in Phoenix, AZ, and
supplies advanced design burn-in sockets to the semiconductor testing industry,
is being sold to UMD Technology, Inc., a Portland, OR based provider of
engineering services and products to the electronics industry for approximately
$2 million plus assumed liabilities. Assuming approval of the company's
reorganization plan by the Bankruptcy Court and the closing of these
transactions, PCD's creditors will receive the proceeds from the sale of PCD's
assets to Amphenol and UMD, as well as any additional cash on PCD's balance
sheet after the close of the transactions.</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's Japanese subsidiary, Wells-CTI KK, was not included in the
bankruptcy filings, although its shares will be included in the sale of Wells-CTI.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCD Inc. emphasized that all of its domestic and
international operations are conducting business as usual, as the Company will
continue to accept customer orders and service its customers with existing
facilities and personnel.</p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To enable PCD to conduct its business while the sales
are completed, its lenders have agreed to terms and conditions to allow PCD to
use its existing cash reserves and revenues from operations to meet all of its
current operating requirements. PCD's request to use the funds covered by its
agreement with lenders has been submitted to the Bankruptcy Court as part of the
Company's first-day motions. Upon Bankruptcy Court approval of the request, PCD
will be able to use these funds to pay suppliers in full, under normal terms,
for all goods and services provided in the ordinary course of business after the
bankruptcy filings. Balances owed to suppliers as of the bankruptcy filings will
be repaid in full upon completion of the asset sales.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the full press release dated March 21, 2003,
announcing the filing is attached hereto as Exhibit 99.1 and is incorporated in
its entirety herein by reference.</p>
<P>ITEM 5. OTHER MATTERS. </P>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 27, 2003, PCD announced that the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of Massachusetts
has approved orders with respect to PCD's &quot;first day motions&quot; on March 25, 2003.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first day orders approve an interim agreement
between PCD and the agent for its senior secured lending group which will allow
PCD to meet all of its operating requirements through the use of its current
cash reserves and its revenues from operations, in accordance with an agreed
budget. Accordingly, PCD will be able to use these funds to pay suppliers in
full, under normal terms, for all goods and services provided in the ordinary
course of business, and to maintain operational stability as PCD moves through
the transition period with Amphenol Corporation and UMD Technology Inc., the
purchasers of PCD's two business divisions.</p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Court approved an order authorizing PCD
to pay its current employees prepetition wages and compensation up to the
statutory limit  and to continue health and other benefit
programs. The order also authorizes PCD to pay any and all local, state and
federal withholding and payroll-related taxes pertaining to prepetition periods.
By order of the Court, all banks are directed to receive, process, honor and pay
any and all checks drawn on the payroll and general disbursement accounts
related to employee obligations of PCD and its business, regardless of whether
such checks are presented to banks before or after the date of PCD's Chapter 11
filing. </p>
<p ALIGN="JUSTIFY"></p>
<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, in conjunction with the Chapter 11 filing and
as required under Section 363 of the U.S. Bankruptcy Code, PCD and Wells-CTI
also filed a motion for sales of their assets free and clear of liens and
encumbrances.</p>
<p ALIGN="JUSTIFY"></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Company's press release dated March 27, 2003 announcing
the approval of the orders is attached hereto as Exhibit 99.2 and is hereby
incorporated by reference. </p>
<P>ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS </P>
<P>(c) EXHIBITS</P>
<P>EXHIBIT<BR>
NUMBER</P>
<p ALIGN="JUSTIFY">99.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release of PCD Inc. dated March 21,
2003. </p>
<p>99.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release of PCD Inc. dated March 27, 2003</p>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>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. </P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<U><P>PCD INC. </P>
</U><P>Registrant </P>
<P>DATED: <u>March 31, 2003</u> </P>
<P>By: <U>/s/ John L. Dwight, Jr.</U> <BR>
John L. Dwight, Jr.<BR>
Chairman of the Board, President<BR>
and Chief Executive Officer</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "form8k_033103.htm", "description": "PCD INC'S FORM 8-K REGARDING BANKRUPTCY", "secsgml_size_bytes": 14228}]
{"company-data": {"conformed-name": "PCD INC", "cik": "0001007594", "assigned-sic": "3678", "irs-number": "042604950", "state-of-incorporation": "MA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27744", "film-number": "03627636"}, "business-address": {"street1": "TWO TECHNOLOGY DR", "street2": "CENTENNIAL PARK", "city": "PEABODY", "state": "MA", "zip": "01960", "phone": "5085328800"}, "mail-address": {"street1": "2 TECHNOLOGY DRIVE", "city": "PEABODY", "state": "MA", "zip": "01960"}}
PCD'S FORM 8-K FILED MARCH 31, 2003
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)
March 21, 2003
Commission File Number 0-27744
PCD INC.
(Exact Name of Registrant as Specified in its Charter)
Massachusetts                                                                                                    04-2604950
(State or Other Jurisdiction of                                                                     (I.R.S. Employer
Incorporation or Organization)                                                                    Identification Number)
2 Technology Drive
Centennial Park
Peabody, Massachusetts 01960-7977
(Address of Principal Executive Offices, Including Zip Code)
Registrant's telephone number, including area code: (978) 532-8800
ITEM 3
. BANKRUPTCY AND RECEIVERSHIP
On March 21, 2003, PCD Inc. (OTC Bulletin Board: PCDI.OB),
a manufacturer of electronic connectors, announced that, having completed its
review of strategic alternatives for addressing its capital structure, it has
entered into definitive agreements to sell the assets of its two business
divisions. To facilitate the sales, PCD Inc. and its domestic subsidiary, Wells-CTI,
Inc., filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in
the U.S. Bankruptcy Court for the District of Massachusetts. The Chapter 11
filings will allow the sale of the assets of the domestic entities to be free
and clear from certain liabilities that the prospective purchasers do not wish
to assume.
PCD Inc. has agreed to sell its Industrial/Avionics
Division, headquartered in Peabody, MA, and focused on control interconnects and
terminal blocks, to Amphenol Corporation for $14 million, less assumed
liabilities. The Wells-CTI Division which has headquarters in Phoenix, AZ, and
supplies advanced design burn-in sockets to the semiconductor testing industry,
is being sold to UMD Technology, Inc., a Portland, OR based provider of
engineering services and products to the electronics industry for approximately
$2 million plus assumed liabilities. Assuming approval of the company's
reorganization plan by the Bankruptcy Court and the closing of these
transactions, PCD's creditors will receive the proceeds from the sale of PCD's
assets to Amphenol and UMD, as well as any additional cash on PCD's balance
sheet after the close of the transactions.
The Company's Japanese subsidiary, Wells-CTI KK, was not included in the
bankruptcy filings, although its shares will be included in the sale of Wells-CTI.
PCD Inc. emphasized that all of its domestic and
international operations are conducting business as usual, as the Company will
continue to accept customer orders and service its customers with existing
facilities and personnel.
To enable PCD to conduct its business while the sales
are completed, its lenders have agreed to terms and conditions to allow PCD to
use its existing cash reserves and revenues from operations to meet all of its
current operating requirements. PCD's request to use the funds covered by its
agreement with lenders has been submitted to the Bankruptcy Court as part of the
Company's first-day motions. Upon Bankruptcy Court approval of the request, PCD
will be able to use these funds to pay suppliers in full, under normal terms,
for all goods and services provided in the ordinary course of business after the
bankruptcy filings. Balances owed to suppliers as of the bankruptcy filings will
be repaid in full upon completion of the asset sales.
A copy of the full press release dated March 21, 2003,
announcing the filing is attached hereto as Exhibit 99.1 and is incorporated in
its entirety herein by reference.
ITEM 5. OTHER MATTERS.
On March 27, 2003, PCD announced that the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of Massachusetts
has approved orders with respect to PCD's "first day motions" on March 25, 2003.
The first day orders approve an interim agreement
between PCD and the agent for its senior secured lending group which will allow
PCD to meet all of its operating requirements through the use of its current
cash reserves and its revenues from operations, in accordance with an agreed
budget. Accordingly, PCD will be able to use these funds to pay suppliers in
full, under normal terms, for all goods and services provided in the ordinary
course of business, and to maintain operational stability as PCD moves through
the transition period with Amphenol Corporation and UMD Technology Inc., the
purchasers of PCD's two business divisions.
In addition, the Court approved an order authorizing PCD
to pay its current employees prepetition wages and compensation up to the
statutory limit  and to continue health and other benefit
programs. The order also authorizes PCD to pay any and all local, state and
federal withholding and payroll-related taxes pertaining to prepetition periods.
By order of the Court, all banks are directed to receive, process, honor and pay
any and all checks drawn on the payroll and general disbursement accounts
related to employee obligations of PCD and its business, regardless of whether
such checks are presented to banks before or after the date of PCD's Chapter 11
filing.
Finally, in conjunction with the Chapter 11 filing and
as required under Section 363 of the U.S. Bankruptcy Code, PCD and Wells-CTI
also filed a motion for sales of their assets free and clear of liens and
encumbrances.
A copy of the Company's press release dated March 27, 2003 announcing
the approval of the orders is attached hereto as Exhibit 99.2 and is hereby
incorporated by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
EXHIBIT
NUMBER
99.1           Press Release of PCD Inc. dated March 21,
2003.
99.2           Press Release of PCD Inc. dated March 27, 2003
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.
PCD INC.
Registrant
DATED:
March 31, 2003
By:
/s/ John L. Dwight, Jr.
John L. Dwight, Jr.
Chairman of the Board, President
and Chief Executive Officer