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): February 2, 1998
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AMETECH, INC.
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(Exact name of registrant as specified in Charter)
Oklahoma 0-19009 73-0766924
_________________ ___________ ___________________
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File No.) Identification No.)
Incorporation)
1813 Southeast 25th Street, Oklahoma City, Oklahoma 73129
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (405) 677-8781
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Item 3. Bankruptcy or Receivership.
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As was previously reported, the Registrant and its wholly
owned, primary operating subsidiary, Environmental Transportation
Services, Inc. ("ETS"), have been in violation of numerous
covenants contained in their loan agreement with their principal
lender, Congress Financial Corporation (Southwest) ("Congress").
These violations were primarily due to the Registrant's severe
liquidity shortage. Congress entered into a series of forbearance
agreements with the Registrant and ETS containing provisions
whereby, among other things, Congress agreed to forbear from taking
certain actions against the Registrant or ETS and Congress agreed
to allow the Registrant and ETS to use of certain reserves and
certain revolving credit facilities. On February 1, 1998, the most
recent of these forbearance agreements terminated and the
Registrant and ETS were unable to obtain further forbearance from
Congress.
Due to, among other things, (i) the inability of the
Registrant and ETS to obtain further forbearance from Congress,
(ii) the severe liquidity shortage caused by the Registrant's
continuing operating losses, and (iii) the need to seek protection
from its creditors, including Congress, on February 2, 1998, the
Registrant and ETS each filed a Petition for Voluntary Bankruptcy
under Chapter 11, Title 11 of the United States Code. The filings
were made in United States Bankruptcy Court for the Western
District of Oklahoma ("Bankruptcy Court"). The case number
assigned to the Registrant's petition is 98-11021 BH and the case
number assigned to ETS' petition is 98-11018 BH. Pursuant to an
order granting joint case administration, both the Registrant
petition and the ETS petition shall be administered under the ETS
case number.
The existing officers and directors of the Registrant
currently remain in place as debtors in possession, subject to the
supervision and orders of the Bankruptcy Court, which assumed
jurisdiction over substantially all of the assets and business of
the Registrant on February 2, 1998.
A plan for reorganization, arrangement or liquidation has not
been filed with the Bankruptcy Court, however, the Registrant
anticipates that such shall be filed as soon as is practicable
given the limited resources of the Registrant.
The Registrant has not filed its Quarterly Reports on Form 10-
Q for the quarterly period ended June 30, 1997, or for the
quarterly period ended September 30, 1997. The Registrant intends
to seek a no-action letter from the Securities and Exchange
Commission (the "Commission") regarding its desire to be
substantially exempt from the reporting requirements under the
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Securities Exchange Act of 1934. No assurance can be made,
however, that a no-action letter will be obtained from the
Commission.
Prior to filing its petition with the Bankruptcy Court, the
Registrant had ceased its transportation operations, was in
violation of numerous covenants contained in its loan agreement
with Congress, and was delinquent on numerous debt payments. No
assurance can be made that significant operations of the Registrant
or ETS will resume, on a limited basis, or at all.
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.
AMETECH, INC.
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(Registrant)
February 6, 1998 By /s/ Michael R. D'Appolonia
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Michael R. D'Appolonia,
President
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