<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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): May 20, 1998
CRONOS GLOBAL INCOME FUND XVI, L.P.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
California 0-27496 94-3230380
(State or other jurisdiction (Commission File No.) (IRS Employer I.D. No.)
of incorporation or organization)
</TABLE>
444 Market Street, 15th Floor, San Francisco, California 94111
(Address of principal executive offices) (zip code)
Registrant's telephone number: (415) 677-8990
<PAGE> 2
Item 5. Other Events.
The General Partner of the Registrant is Cronos Capital
Corp. ("CCC"). CCC is an indirect wholly-owned subsidiary of The Cronos Group, a
Luxembourg corporation headquartered in Orchard Lea, England (the "Parent
Company") (NASDAQ-CRNSF). On May 20, 1998, the Parent Company reported that its
Chairman, Stefan M. Palatin, has been suspended from his duties pending an
investigation of charges against him regarding a financial matter in Austria. In
the interim, Rudolf J. Weissenberger, currently a non-executive director on the
Board of Directors of the Parent Company, has been named acting Chairman and
Chief Executive Officer.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of business acquired. Not applicable.
(b) Pro forma financial information. Not applicable.
(c) Exhibits.
20.1 Press Release ("Cronos Announces Board Changes"),
dated May 20, 1998, as published by Dow Jones
News/Retrieval.
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.
CRONOS GLOBAL INCOME FUND XVI, L.P.
Date:May 20, 1998 By: CRONOS CAPITAL CORP.
The General Partner
By: /s/ DENNIS J. TIETZ
-----------------------------------
Dennis J. Tietz
President
<PAGE> 1
EXHIBIT 20.1
DOW JONES News/Retrieval
Business Wire STORY1
11:24 Cronos Announces Board Changes
(Copyright (C) 1998, Business Wire)
NEW YORK--(BUSINESS WIRE) -- May 20, 1998 -- The Cronos Group reports that its
Chairman and CEO, Stefan M. Palatin has been suspended from his duties pending
the investigation of charges against him regarding a financial matter in
Austria. In the interim, Rudolf J. Weissenberger, currently a non-executive
director on the Board of the Cronos Group, has been named acting Chairman and
CEO.
Cronos is one of the five largest lessors of intermodal containers, owning and
managing a fleet of over 375,000 TEUs (twenty-foot equivalent units), including
both company-owned units and containers managed for third party owners. The
diversified Cronos fleet of dry cargo, refrigerated and other specialised
containers is leased to a customer base of around 300 ocean carriers and
transport operators worldwide. The average age of the Cronos container fleet is
about 3.8 years, one of the youngest in the industry.
This new release discusses certain forward looking matters that involve risks
and uncertainties that could cause actual results to vary materially from
estimates. Risks and uncertainties include, amongst other things, changes in
international operations, including exchange rate risks, changes in market
conditions for the company's container lease operations and the company's
ability to provide innovative and cost effective solutions.
This release and other Cronos information is available on the Cronos website at
www.cronos.com.
CONTACT: Alan Bulmer
Investor Relations
Tel: (011) (44) 1344 891111
Fax: (011) (44) 1344 894107
Email: [email protected]
11:09 EDT MAY 20, 1998
Source: BWR, May 20, 1998
