SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) June 9, 1999
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Teletrac Holdings, Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 333-35017 48-1789886
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
3220 Executive Ridge, Suite 100
Vista, California 92083 92008
- -------------------------------------------- --------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (760) 597-0510
2131 Faraday Avenue, Carlsbad, California 92008
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On June 9, 1999 Teletrac, Inc. (the "Company"), a wholly owned
subsidiary of Teletrac Holdings, Inc., filed a voluntary petition (the
"Petition") commencing a case under Chapter 11 of the United States Bankruptcy
Code with the United States Bankruptcy Court for the District of Delaware. The
title of the case is IN RE: TELETRAC, INC., Case No. 99-2250 (MFW). The Company
continues to operate its business as a debtor-in-possession in such case.
The foregoing is qualified in its entirety by reference to the
Petition (and exhibits thereto) filed as Exhibit 2.1 herewith and incorporated
herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
The following exhibits are filed as part of this Current Report on
Form 8-K:
2.1 Voluntary Petition filed on June 9, 1999,
IN RE: TELETRAC, INC., Case No. 99-2250 (MFW).
2
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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.
TELETRAC, INC.
By: /s/ Steven Scheiwe
------------------------------
Name: Steven Scheiwe
Title: General Counsel
Date: July 2, 1999
3
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EXHIBIT INDEX
EXHIBIT PAGE
NO. DESCRIPTION NO.
2.1 Voluntary Petition filed on June 9, 1999,
IN RE: TELETRAC, INC., Case No. 99-2250 (MFW)
4
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UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE Voluntary Petition
Name of Debtor (If individual, enter Last, First, Middle): Name of Joint Debtor (Spouse)(Last, First, Middle):
Teletrac, Inc.
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All Other Names used by debtor in the last 6 years All Other Names used by debtor in the last 6 years
(include married, maiden and trade names): (include married, maiden and trade names):
N/A
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Soc. Sec./Tax I.D. No. (If more than one, state all): Soc. Sec./Tax I.D. No. (If more than one, state all):
48-1172403
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Street Address of Debtor (No. and street, city, state, zip): Street Address of Joint Debtor (No. and Street, City, State,
2131 Faraday Ave. Zip Code):
Carlsbad, CA 92008
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County of Residence or of the County of Residence or of the
Principal Place of Business: Principal Place of Business:
San Diego County, California
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Mailing Address of Debtor (If different from street address) Mailing Address of Joint Debtor (If different from street
address)
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Location of Principal Assets of Business Debtor
(If different from address listed above)
See Attachment
Information Regarding the Debtor (Check the Applicable Boxes)
Venue: (Check any applicable box)
|X| Debtor has been domiciled or has had a residence, principal place of business or principal assets in this District for 180
days immediately preceding the date of this petition or for a longer part of such 180 days than in any other District.
|_| There is a bankruptcy case concerning debtor's affiliate, general partner or partnership pending in this District.
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Type of Debtor (Check all applicable box) Chapter or Section of Bankruptcy Code Under Which
the Petition is Filed (Check one box)
|_| Individual(s) |_| Railroad
|X| Corporation |_| Stockbroker |_| Chapter 7 |X| Chapter 11 |_| Chapter 13
|_| Partnership |_| Commodity Broker [_] Chapter 9 [_] Chapter 12
[_] Other [_] Sec. 304-Case ancillary to foreign proceeding
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Nature of Debts (Check one box) Filing Fee (Check one box)
|_| Consumer/Non-business |X| Business |X| Filing fee attached.
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Chapter 11, Small Business (Check all boxes that apply) |_| Filing fee to be paid in installments. (Applicable to
|_| Debtor is a small business as defined in 11 U.S.C. individuals only) Must attach signed application for the
section 101 court's consideration certifying that the debtor is unable to
|_| Debtor is and elects to be considered a small business pay fee except in installments. Rule 1006(b). See Official
under 11 U.S.C. section 1121(e) (Optional) Form No. 3.
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Statistical/Administrative Information (Estimates Only) THIS SPACE FOR COURT USE ONLY
|X| Debtor estimates that funds will be available for distribution to unsecured
creditors.
|_| Debtor estimates that, after any exempt property is excluded and
administrative expenses paid, there will be no funds available for
distribution to unsecured creditors.
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Estimated Number of Creditors
1-15 16-49 50-99 100-199 200-999 1000-over
|_| |_| |_| |_| |_| |X|
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Estimated Assets (Check one box)
$0 to $50,001 to $100,001 to $500,001 to $1,000,001 to $10,000,001 to
$50,000 $100,000 $500,000 $1 million $10 million $50 Million
|_| |_| |_| |_| |_| |_|
$50,000,001 to More than
$100 million $100 million
|X| |_|
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Estimated Debts (Check one box)
$0 to $50,001 to $100,001 to $500,001 to $1,000,001 to
$50,000 $100,000 $500,000 $1 million $10 million
|_| |_| |_| |_| |_|
$10,000,001 to $50,000,001 to More than
$50 Million $100 million $100 million
|_| |_| |X|
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Voluntary Petition Name of Debtor FORM B1, Page 2
(This page must be completed and filed in every case) Teletrac, Inc.
Prior Bankruptcy Case Filed Within Last 6 Years (If more than one, attach additional sheet)
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Location Case Number: Dated Filed:
Where Filed: N/A
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Pending Bankruptcy Case Filed by any Spouse, Partner, or Affiliate of this Debtor (If more than one, attach additional sheet)
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Name of Debtor: Case Number: Dated Filed:
N/A
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District: Relationship: Judge:
Signatures
Signature(s) of Debtor(s) (Individual/Joint) Signature(s) of Debtor (Corporation/Partnership)
I declare under penalty of perjury that the information
provided in this petition is true and correct. I declare under penalty of perjury that the information
[If petitioner is an individual whose debts are primarily provided in this petition is true and correct, and that I have
consumer debts and has chosen to file under chapter 7] I am been authorized to file this petition on behalf of the debtor.
aware that I may proceed under chapter 7, 11, 12 or 13 of title
11, United States Code, understand the relief available under The debtor requests relief in accordance with the chapter of
each such chapter, and choose to proceed under chapter 7. title 11, United States Code, specified in this petition.
I request relief in accordance with the chapter of title 11,
United States Code, specified in this petition. X /S/Steven D. Scheiwe
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Signature of Authorized Individual
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Signature of Debtor Steven D. Scheiwe
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Print or Type Name of Authorized Individual
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Signature of Joint Debtor Interim Chief Executive Officer
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Title of Authorized Individual by Debtor
to File this Petition
------------------------------------------------- Date:
Telephone Number (if not represented by attorney)
Date:
Signature of Attorney Signature of Non-Attorney Petition Preparer
X /S/Norman L. Pernick (No. 2290) I certify that I am a bankruptcy petition preparer as defined
------------------------------------------------- in 11 U.S.C. section 110, that I prepared this document for
Signature of Attorney for Debtor(s) compensation, and that I have provided the debtor with a copy
of this document.
Norman L. Pernick, (No. 2290) The debtor requests relief in accordance with the chapter of
------------------------------------------------- title 11, United States Code, specified in this petition.
Printed Name of Attorney for Debtor(s)
Saul, Ewing, Remick & Saul LLP
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Firm Name ------------------------------------------------
222 Delaware Avenue Printed Name of Bankruptcy Petition Preparer
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Address ------------------------------------------------
P.O. Box 1266 Social Security Number
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Wilmington, DE 19899 Address
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Telephone Number (if not represented by attorney) ------------------------------------------------
Date: June 9, 1999
Exhibit A Names and Social Security numbers of all other
(To be completed if debtor is required to file Individuals who prepared or assisted in
periodic reports (e.g. forms 10K and 10Q) with the Securities preparing this document:
and Exchange Commission pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 and is requesting relief under If more than one person prepared this document,
chapter 11.) attach additional signed sheets conforming to
|X| Exhibit A is attached and made a part of this petition. the appropriate official form for each person.
Exhibit B
(To be completed if the debtor is an individual
whose debts are primarily consumer debts) ------------------------------------------------
I, the attorney for the petitioner named in the foregoing Signature of Bankruptcy Petition Preparer
petition, declare that I have informed the petitioner that (he Date:
or she) may proceed under chapter 7, 11, 12 or 13 of title 11,
United States Code, and have explained the relief available A bankruptcy petition preparers failure to comply with the
under each such chapter. provisions of title 11 and the Federal Rules of Bankruptcy
Procedure may result in fines or imprisonment or both.
11 U.S.C. section 110; 18 U.S.C. section 156.
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Signature of Attorney for Debtor(s) Date
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EXHIBIT "A"
UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE
In re: TELETRAC, INC. Debtor(s) Case No. 99-_______
. Chapter 11
(If debtor is corporation filing under chapter 11 of the Code, this
Exhibit "A" shall be completed and attached to the petition)
EXHIBIT "A" to Voluntary Petition
1. Debtor's employer identification number is 48-1172403
2. If any of debtor's securities are registered under section 12 of the
Securities and Exchange Act of 1934, the SEC file number is 333-35021
3. The following financial data is the latest available information and refers
to debtor's condition on April 30, 1999.
Approximate
a. Total assets $ 64,800,000 number of
b. Total liabilities 109,994,000 holders
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Fixed, liquidated secured debt 21,847,727 unknown
Contingent secured debt -0-
Disputed secured claims -0-
Unliquidated secured debt -0-
Fixed, liquidated unsecured debt 88,213,338 2,700 (approximately)
Contingent unsecured debt -0-
Disputed unsecured claims 182,000
Unliquidated unsecured debt -0-
Number of shares of preferred stocks - 313,984 shares issued of Preferred Stock
Number of shares of common stock - 249,000 shares issued of Class A Common Stock
Comments, if any:
4. Brief description of debtor's business:
The Debtor is a provider of vehicle location and fleet management services,
including associated two-way digital wireless messaging, to commercial fleet
operators.
5. List the name of any person who directly or indirectly owns, controls or
holds, with power to vote, 20% or more of the voting securities of debtor:
Teletrac Holdings, Inc. (100%)
6. List the names of all corporations 20% or more of the outstanding voting
securities of which are directly or indirectly owned, controlled, or held,
with power to vote, by debtor:
Teletrac License, Inc. (100%)
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LOCATION OF PRINCIPAL ASSETS OF BUSINESS DEBTOR
1. Teletrac, Inc.
2131 Faraday Ave.
Carlsbad, CA 92008
2. Teletrac, Inc.
1725 Winnetka Circle
Rolling Meadows, IL 60008
3. Teletrac, Inc.
524 East Lamar Blvd.
Suite 120
Arlington, TX 76001
4. Teletrac, Inc.
39303 Country Club Drive
Suite A-11
Farmington Hills, MI 48331
5. Teletrac, Inc.
6200 Rothway
Suite 100
Houston, TX 77040
6. Teletrac, Inc.
7391 Lincoln Way
Garden Grove, CA 92841
7. Teletrac, Inc.
3330 NW 53rd Street
Suite 302
Ft. Lauderdale, FL 33309
8. Teletrac, Inc.
270 Duffy Ave.
Hicksville, NY 11801
9. Teletrac, Inc.
931 S. Semoran Blvd.
Suite 200
Winter Park, FL 32792
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10. Teletrac, Inc.
1670 Alvarado
Suite 7
San Leandro, CA 94575
11. Teletrac, Inc.
2929 Eskridge
Suite R-4
Fairfax, VA 22031
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TELETRAC, INC.
ACTION BY WRITTEN CONSENT OF THE SOLE STOCKHOLDER
Pursuant to Section 228 of the
General Corporation Law of the State of Delaware
The undersigned, being the holder of all the outstanding stock of
TELETRAC, INC., a Delaware corporation (the "Corporation"), DOES HEREBY CONSENT
to the adoption of and DOES HEREBY ADOPT the resolutions hereinafter set forth
pursuant to Section 228 of the General Corporation Law of the State of Delaware
with the same force and effect as if they had been duly adopted at a meeting of
the Stockholders of the Corporation duly called and held for such purpose, and
DOES HEREBY DIRECT the Secretary of the Corporation to file this Consent in the
minute books of the Corporation:
BANKRUPTCY
WHEREAS, due to existing circumstances, it is appropriate for
Teletrac, Inc., ("Teletrac"), the wholly owned subsidiary of the Corporation, to
file a voluntary petition for relief under chapter 11 of the United States
Bankruptcy Code, 11 U.S.C. ss. 101 et seq. ("Chapter 11");
NOW, THEREFORE, BE IT
RESOLVED, that Steven D. Scheiwe, the Chief Executive Officer of
Teletrac, be, and hereby is, authorized and empowered to execute a voluntary
petition for relief under Chapter 11 and that he, and any duly appointed officer
of Teletrac, be, and hereby are, authorized to execute any other related
documents, including, but not limited to, cash collateral stipulations,
debtor-in-possession financing agreements, the schedules and statement of
affairs, applications, motions and petitions for Court approval and other
relief, a plan or plans of reorganization and pleadings in adversary
proceedings; and be it further
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RESOLVED, that Teletrac, be, and hereby is, authorized to retain
the law firms of Saul, Remick & Saul LLP and Reboul, MacMurray, Hewitt, Maynard
& Kristol, as bankruptcy co-counsel, and Dow, Lohnes & Alberton, PLLC, as
special FCC counsel, and such other professionals as the officers of Teletrac
may deem appropriate upon such terms and conditions as Teletrac shall approve,
to render legal services to, and represent, Teletrac in connection with such
Chapter 11 proceedings and other related matters in connection therewith; and be
it further
RESOLVED, that Teletrac be, and hereby is, authorized and
directed to take any and all further action to execute and deliver any and all
such further instruments and documents and to pay all expenses (subject to
Bankruptcy Court approval), where necessary and appropriate in order to carry
out fully the intent and accomplish the purposes of the resolutions adopted
herein; and be it further
RESOLVED, that all actions taken by Teletrac with respect to the
reorganization of Teletrac or any matter related therein, or by virtue of these
resolutions, are hereby in all respects ratified, confirmed and approved; and be
it further
RESOLVED, that the form, terms and provisions of the Agreement
dated as of June , 1999 (the"Agreement"), by and between the Corporation,
Teletrac Holdings, Inc., certain shareholders of the Corporation, and certain
holders of the 14% Senior Subordinated Notes due 2007 issued by Teletrac, in the
form annexed hereto, be and they are hereby approved, and the officers and/or
Directors of the Corporation are hereby authorized to execute and approve the
same;
RESOLVED, that the proper officers of the Corporation be, and
each of them hereby is, authorized and directed to take all such further action
and to execute, acknowledge and deliver in the name and on behalf of the
Corporation, and under its corporate seal or otherwise, any and all other
documents and instruments, and to do and perform any and all such further acts
and deeds, as they or any of them may deem necessary or advisable to carry out
the intent and accomplish the purpose of the foregoing resolutions and the
transactions contemplated thereby; and that the taking of any such action, and
the execution and delivery of each such document or instrument shall be
conclusive evidence of its necessity or advisability.
2
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IN WITNESS WHEREOF, the undersigned, being the holder of all of
the outstanding stock of the Corporation, has executed this consent as of this
____ day of June 1999.
TELETRAC HOLDINGS, INC.
/S/ Steven D. Scheiwe
By:----------------------------
Name: Steven D. Scheiwe
Title: Secretary
3
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IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re: : Chapter 11
:
TELETRAC, INC., : Case No. 99-_______________
:
Debtor. :
LIST OF TWENTY LARGEST CREDITORS HOLDING UNSECURED CLAIMS
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NUMBER CREDITOR AMOUNT NATURE
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1 Georgia Advisors, LLC $26,750,000* Notes
1114 Avenue of the Americas 38th Floor
New York, NY 10036
Attn: Nikos Hecht
2 Capital Research & Management Co. $24,000,000* Notes
333 South Hope Street
Los Angeles, CA 90071
Attn: David Daigle
3 Lutheran Brotherhood $15,000,000* Notes
625 Fourth Avenue S.
Minneapolis, MN 55415
Attn: Conrad Smith
4 TD Securities $11,000,000* Notes
31 West 52nd Street
New York, NY 10019
Attn: Peter Bethlenfalby
5 Post Advisory Group $ 7,000,000* Notes
11111 Santa Monica Blvd.
Suite 1111
Los Angeles, CA 90025
Attn: Carl Goldsmith
6 Bank of Montreal $ 6,000,000* Notes
115 South LaSalle Street
12th Floor
Chicago, IL 60603
Attn: Sean Hass
7 Prospect Street Yield, Inc. $ 4,000,000* Notes
60 State Street, Suite 3750
Boston, MA 02109
Attn: Bill O'Connell
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8 Harvard Management Co., Inc. $ 3,750,000* Notes
600 Atlantic Avenue
Boston, MA 02210
Attn: Timothy S. Peterson
9 KEA Capital $ 3,000,000* Notes
225 W. 34th Street
New York, NY 10122
10 Milgo Solutions $ 1,837,910 Telco Equip
1619 N. Harrison Pkwy
Sunrise, FL 33323
11 The Associates $ 868,953 Transmitters
8001 Ridgepoint Dr.
Irving, TX 75063
12 Tokai Financial Services, Inc. $ 337,661 Furniture
1055 Westlakes Dr.
Berwyn, PA 19312
13 Cadence Design Systems, Inc. $ 300,000 Development
555 River Oaks Pkwy Contract
San Jose, CA 95134
14 Tadiran Telematics, Ltd. $ 292,055 Equipment
26 Hashoftim St.
Holon, Israel 58102
Attn: Roman Sternberg
15 James Queen $ 156,000 Employment
2100 W. 56th St. Contract
Mission Hills, KS 66208
16 Equitable Life Assurance Society of the $ 59,949 Vienna, VA
United States Office
1875 Eye St. NW #900
Washington, DC 20006
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17 Edelman Public Relations $ 51,471 PR Services
3131 Turtle Creek Blvd. #500
Dallas, TX 75219
18 Fortis, Inc. $ 48,000 KC Office
c/o Shorenstein
One Chase Manhattan Plaza
New York, NY 10005
19 Computer Associates $ 44,118 Alameda, CA
Office
20 Crum and Forester Ins. $ 49,938 Insurance Premium
10975 Grandview #300
Overland Park, KS 66210
* Amount of claim, as listed, does not take collateral ($21.0 million bond reserve fund) into account.
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IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re: : Chapter 11
:
TELETRAC, INC., : Case No. 99-_______________
:
Debtor. :
CREDITORS WITH AN INTEREST IN CASH COLLATERAL
Norwest Bank Minnesota, N.A., as Trustee under an Indenture dated as
of August 6, 1997, holds an interest in certain securities pledged to secure
obligations due on the notes issued in connection with the Indenture.
