Sunbeam Corporation

Sunbeam Corporation

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Sunbeam Corporation

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Beautifully engraved specimen certificate from the Sunbeam Corporation estimated to be printed in the 1940's to 1950's. This historic document was printed by the Northern Banknote Company and has an ornate border around it with a vignette of an allegorical woman sitting in front of a city scape. This item has the printed signatures of the company¬ís president and secretary. Since the introduction of the first electrical appliance in 1910, Sunbeam Corporation has grown to a position of leadership in the small home appliance industry. The company has made numerous contributions to the industry through product innovation and product improvement. The company was founded in Chicago in 1897 by John K. Stewart and Thomas J. Clark to manufacture mechanical horse clippers, and later added sheep shearing equipment to its line. The firm was named Chicago Flexible Shaft Company. Its original home appliance, an electric iron, was produced in 1910 to offset the seasonal nature of the clipping and shearing business. Further diversification occurred in 1920 when the company brought out the first automatic lawn sprinkler marketed in this country. Electric toasters were added in 1922, coffeemakers in 1929 and food mixers in 1930. The latter established the company as a major factor in the portable appliance and consumer goods industry. Over the years, the company has earned a reputation as an innovator. Its product innovations have included the governor-controlled food mixer, controlled heat immersible fry pan, cap-type hair dryer, fully automatic radiant controlled toaster, electric snow-thrower, twin blade electric mower, oscillating electric shaver and automatic vacuum-type coffeemaker. In 1946, the company name was changed to Sunbeam Corporation. Headquartered in Boca Raton, Florida, Sunbeam's operating groups are organized into 16 strategic business units, with headquarters in Aurora and Bridgeview, Illinois; Miami Lakes, Florida; Wichita, Kansas; Kearney, Nebraska; Lowell, Massachusetts; Lyon, France; Tokyo, Japan; and Sydney, Australia. Sunbeam's brands include Sunbeam®, Oster®, Mr. Coffee®, First Alert®, Health-o-meter®, Coleman®, Grillmaster®, Coleman PowerMate®, Campingaz® and Pelouze®. Their products are sold worldwide. On February 6, 2001, Sunbeam Corporation ("Sunbeam") and its domestic operating companies (the "Subsidiary Debtors" and together with Sunbeam, the "Debtors"), filed voluntary petitions (the "Petitions") with the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code"). The case number for the Sunbeam case is 01-40291(AJG) and the case numbers for the cases for the Subsidiary Debtors, which are being jointly administered, separate from the case for Sunbeam Corporation, are 01-40252(AJG) through 01-40290(AJG). The Debtors are managing their businesses and properties as debtors-in-possession. Pursuant to the plan of reorganization for Sunbeam filed by Sunbeam in the Bankruptcy Court on February 6, 2001, among other things, the claims of the lenders under Sunbeam's credit agreement dated March 30, 1998, as amended (the "Prepetition Credit Facility") will be converted into (i) $200,000,000 in new secured term debt of reorganized Sunbeam and $600,000,000 of new secured convertible debt of reorganized Sunbeam (collectively, the "New Secured Debt") and (ii) 100% of the outstanding common stock of reorganized Sunbeam, subject to management options. The plan of reorganization for the Sunbeam chapter 11 case provides for the discharge of, among other unsecured claims, the zero coupon debentures due 2018 issued by Sunbeam and the litigation for securities fraud and other litigation arising out of the events leading to the restatement of Sunbeam's financial statements and earnings projections made by prior management. Pursuant to the joint plan of reorganization for the Subsidiary Debtors filed by the Subsidiary Debtors in the Bankruptcy Court on February 6, 2001, among other things, (i) the Subsidiary Debtors that are guarantors under the Prepetition Credit Facility will become guarantors of the New Secured Debt issued pursuant to the plan of reorganization for Sunbeam Corporation, and will pledge their assets to secure such debt; (ii) all other secured creditors of the Subsidiary Debtors, if any, will be rendered unimpaired; (iv) all general unsecured creditors of the Subsidiary Debtors will be rendered unimpaired; and (v) all equity interests in the Subsidiary Debtors, which are held by Sunbeam or other Debtors, will be rendered unimpaired. There can be no assurance that the plans will be confirmed in their present form or that the transactions contemplated thereby will be consummated. In conjunction with the filing of the Petitions, the lenders under the Prepetition Credit Facility have provided Sunbeam with $285 million of debtor-in- possession financing (the "DIP Facility"), which was used to repay loans outstanding under the supplemental revolver portion of the Prepetition Credit Facility, to finance working capital needs, to pay fees and expenses and pay any cash management losses of any lender under the Prepetition Credit Facility. The DIP Facility is secured by a lien on all property of the Debtors, with carveouts for the A/R Financing (defined and described below) and certain other limited carveouts. The Bankruptcy Court has granted interim approval for Sunbeam to utilize the DIP Facility up to $200 million. In addition, The Coleman Company, Inc., Sunbeam Products, Inc., BRK Brands, Inc., and Coleman Powermate, Inc., each a Subsidiary Debtor, have entered into a $200 million accounts receivable securitization program (the "A/R Financing") with GE Capital Corporation. The Bankruptcy Court has granted interim approval for such Subsidiary Debtors to utilize all $200 million of the A/R Financing.

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