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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): SEPTEMBER 10, 1999
ACTION INDUSTRIES, INC.
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(Exact name of registrant specified in Charter)
PENNSYLVANIA 1-6485 25-0918682
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(State or other (Commission (IRS Employee
jurisdiction of File Number) Identification No.)
incorporation)
330 WEST 42ND STREET
NEW YORK, NEW YORK 10036
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(Address of principal executive offices) Zip Code
REGISTRANT'S TELEPHONE, INCLUDING AREA CODE: (212) 594-2580
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(Former name and former address, if changed since last report)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
(a) On September 10, 1999, the pending involuntary bankruptcy petitions
against the Registrant and General Vision Services, Inc. ("GVS"), an affiliate
of the Registrant, and the pending motions for appointment of a trustee under
Chapter 11 of the Bankruptcy Code were resolved consensually. Under a
Stipulation and Order approved by Judge Stuart M. Bernstein of the United States
Bankruptcy Court for the Southern District of New York, the Registrant and GVS
have consented to the entry of orders for relief under Chapter 11. Jim Jedrlinic
will continue to serve as the Chief Executive Officer of the Registrant and GVS,
and shall manage the day-to-day operations of GVS. A management committee
composed of Mr. Jedrlinic, Shaul Kopelowitz, a director of the Registrant, and
Mr. Ralph Balsamo of Richard A. Eisner & Co., a New York accounting firm, has
been appointed. Any business decisions or transactions outside of the ordinary
course of business will be subject to the approval of a majority of the
committee and the Bankruptcy Court. The committee is also to conduct a search
for a new chief financial officer and a chief operating officer for GVS. The
committee will function until a plan for reorganization for the Registrant and
GVS is confirmed and becomes effective, or until further order of the Bankruptcy
Court.
Under the Stipulation and Order, for the next ninety days, any plan of
reorganization filed by the Registrant and GVS will require the consent of the
Official Committee of Unsecured Creditors. If a joint plan is not filed within
ninety days, for thirty days immediately thereafter the Registrant and GVS shall
have the exclusive right to file plans of reorganization, and to solicit
acceptances for sixty days after such filing, unless otherwise ordered by the
Bankruptcy Court.
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Signatures
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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 thereunto duly authorized.
ACTION INDUSTRIES, INC.
By: /s/ James Jedrlinic
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Name: James Jedrlinic
Title: President
Dated: September 22, 1999
