SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): December 12, 2000
Balanced Care Corporation
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(Exact name of registrant as specified in its charter)
Delaware 1-13845 25-1761898
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1215 Manor Drive, Mechanicsburg, PA 17055
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 717-796-6100
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Item 5. Other Events.
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As previously reported, on December 10, 2000, Balanced Care Corporation (the
"Company") issued a press release announcing that it had initiated negotiations
regarding the restructuring of certain of its facility rental obligations. As
part of the restructuring, the Company paid reduced rent to five of its
landlords. To date, the Company has received written notices of default from
four of the affected landlords. One of the four landlords has also commenced
legal action against the Company and certain of its subsidiaries for breach of
the applicable lease documents. Although the Company has not received notice of
commencement of any other legal action at this time, it is possible (if not
likely)that the other affected landlords may take similar action to enforce
their rights and remedies if the Company and the landlords are unable to reach
agreement on restructuring alternatives.
During the week of December 12, 2000, management of the Company met with
representatives of four of the five affected landlords. The Company intends to
meet with the remaining landlord. The Company is in the process of preparing
definitive term sheets for the landlords' consideration regarding potential
restructuring alternatives; however, there can be no assurance that the Company
and the landlords will be able to reach agreement on any terms and conditions.
Notwithstanding the foregoing, unless and until definitive agreements are
reached, the landlords are under no obligation to continue to negotiate with the
Company or to forbear from exercising their rights and remedies under their
respective lease documents.
Item 7. Financial Statements and Exhibits.
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(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits. The following Exhibits are filed with this Current
Report on Form 8-K:
None.
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SIGNATURE
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.
Balanced Care Corporation
Date: December 20, 2000 By: /s/ Clint T. Fegan
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Clint T. Fegan
Chief Financial Officer
Page 3 of 3 pages.
