UNITED STATES
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 20, 2000
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SFC New Holdings, Inc.
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(Exact name of registrant as specified in its charter)
State of Delaware 33-383063 52-2173533
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation or organization) Identification No.)
520 Lake Cook Road, Suite 550, Deerfield, IL 60015
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 405-5300
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ITEM 2. DISPOSITION OF ASSETS
SFC New Holdings, Inc. ("The Company") announced today it
has completed the previously announced sale of its Metz
Baking Co. subsidiary to The Earthgrains Company (NYSE -
EGR) for $625 million.
The Company indicated it would use a majority of the sale
proceeds to reduce debt. Specifically, the Company said it
will immediately repay its term loan, revolving credit
facility and accounts receivable facility and will use a
portion of the remaining proceeds to reduce additional debt.
The Company will file the required pro-forma financial
information and exhibits with its 1999 Annual Report on Form
10-K.
Metz Baking Company, based in Deerfield, Illinois, was
founded in 1922 by the Metz family in Sioux City, Iowa, and
was acquired by Specialty Foods in 1993.
SFC New Holdings, Inc. is a leading producer, marketer and
distributor of retail baked goods. The Company's baking
operations include the nation's third largest cookie
business (Mother's Cake & Cookies Company and Archway
Cookies) and Andre-Boudin Bakeries, which operates a chain
of bakery cafes in California and Chicago and has been San
Francisco's leading producer of premium, traditional
sourdough bread since 1849.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No.
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99.1* Press release dated March 20, 2000.
SIGNATURES
Pursuant to 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.
SFC NEW HOLDINGS, INC
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(Registrant)
Date: March 20, 2000 By: /s/ Robert L. Fishbune
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Robert L. Fishbune
Vice President and
Chief Financial Officer
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* Filed herewith.
EXHIBIT 99.1
FOR IMMEDIATE RELEASE: March 20, 2000
SPECIALTY FOODS CORPORATION ANNOUNCES
COMPLETION OF METZ BAKING SALE TO EARTHGRAINS
Company to use proceeds to reduce debt
Deerfield, Ill. -- Specialty Foods Corporation announced today
it has completed the previously announced sale of its Metz
Baking Co. subsidiary to The Earthgrains Company (NYSE - EGR)
for $625 million.
The company indicated it would use a majority of the sale
proceeds to reduce debt. Specifically, the company said it
will immediately repay its term loan, revolving credit facility
and accounts receivable facility and will use a portion of the
remaining proceeds to reduce additional debt.
Metz Baking Company, based in Deerfield, Illinois, was
founded in 1922 by the Metz family in Sioux City, Iowa, and was
acquired by Specialty Foods in 1993.
Specialty Foods is a leading producer, marketer and
distributor of retail baked goods. The company's baking
operations include the nation's third largest cookie business
(Mother's Cake & Cookies Company and Archway Cookies) and Andre-
Boudin Bakeries, which operates a chain of bakery cafes in
California and Chicago and has been San Francisco's leading
producer of premium, traditional sourdough bread since 1849.
Specialty Foods Corporation is a wholly owned subsidiary of
Specialty Foods Acquisition Corporation.
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For information on Specialty Foods please contact:
Media: Andy Stern, Sunwest Communications, Inc. (214) 373-1601
Investors: Sean Stack, Specialty Foods, (847) 405-5330
