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): July 10, 2000
SFAC New Holdings, Inc.
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(Exact name of registrant as specified in its charter)
State of Delaware 33-383149 52-2173534
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation or Identification No.)
organization)
520 Lake Cook Road, Suite 550, Deerfield, IL 60015
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 405-5300
ITEM 5. OTHER EVENTS
On May 26, 2000, the Company provided notification in a Form 8-K filing
that the buyer (the "Buyer") of its H&M Food Systems business ("H&M") had
submitted a claim seeking payment of the escrow related to the H&M sale
plus approximately $20 million (the "Claim").
The Company recently reached a settlement (the "Settlement") of the Claim
with the Buyer that dismisses all claims related to the Company's
ownership, operation or sale of H&M. As part of the Settlement, the Buyer
agreed to release approximately $500,000 of the escrow to the Company and
withdrew its additional $20 million claim. The Settlement further provides
that the balance of the escrow will be released to the Buyer.
The Company believes that this Settlement will result in a significant
savings in potential legal expenses and will enhance its ability to focus
on maximizing value for all of its stakeholders.
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.
SFAC NEW HOLDINGS, INC
(Registrant)
Date: July 10, 2000 By: /s/ Robert L. Fishbune
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Robert L. Fishbune
Vice President and Chief
Financial Officer
