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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 28, 1999
UNITED COMPANIES FINANCIAL CORPORATION
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(Exact name as specified in its charter)
Louisiana 1-7067 71-0430414
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
4041 Essen Lane, Baton Rouge Louisiana 70809
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code (225) 987-0000
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events.
The Registrant files herewith the exhibit listed in Item 7(c) below.
Item 7(c). Exhibits.
The following exhibit is furnished in accordance with Item 601 of
Regulation S-K:
99 Press Release dated July 28, 1999 - United Companies
Appoints Lawrence J. Ramaekers as Chief Operating Officer
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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.
UNITED COMPANIES FINANCIAL CORPORATION
(Registrant)
Date: August 2, 1999 By: /s/ MICHAEL W. TRICKEY
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Michael W. Trickey
Chief Financial Officer
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INDEX TO EXHIBITS
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EXHIBIT
NO. DESCRIPTION
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99 Press Release dated July 28, 1999 - United Companies
Appoints Lawrence J. Ramaekers As Chief Operating Officer
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EXHIBIT 99
UNITED COMPANIES FINANCIAL CORPORATION NEWS RELEASE
[UNITED COMPANIES LOGO] FOR IMMEDIATE DISTRIBUTION
For More Information, Contact:
Deborah Hicks Midanek
Chief Executive Officer
225.987.2385 or 800.234.8232
Release Date: July 28, 1999
United Companies Appoints Lawrence J. Ramaekers As Chief Operating Officer
BATON ROUGE, LA - United Companies Financial Corporation (UCFNQ) announced
today the appointment of Larry Ramaekers as Chief Operating Officer of the
Company, effective July 22, 1999. Mr. Ramaekers, a principal of the firm Jay
Alix & Associates, has been providing consulting services to the Company since
June 15, 1999.
Mr. Ramaekers specializes in complex corporate turnarounds. He provides
interim operating management to companies during debt restructuring and
turnarounds, and has served as an advisor, or interim management, in the formal
reorganization process.
"We are delighted to have someone with Larry's experience and capabilities
as a part our United team," said Deborah Hicks Midanek, Chief Executive Officer
of the Company. "He has a tremendous track record in terms of managing
companies in a turnaround environment."
Most recently, Mr. Ramaekers served as CEO of Umbro International, a
supplier of soccer apparel, footwear and equipment to professional teams and
consumers. Prior assignments include National Car Rental System, Inc., then a
division of GM, that had been unprofitable for seven years. As COO, Mr.
Ramaekers was instrumental in defining and implementing a turnaround plan which
created operating profitability within nine months and ultimately resulted in a
beneficial sale of the company for GM.
With 20 years of experience serving as trustee, responsible party for the
debtor-in-possession, assignee for the benefit of creditors, and Chief
Executive Officer of companies in Chapter 11, Mr. Ramaekers is well-versed in
the daily operation and management of companies in reorganization. He has
successfully managed companies through the entire bankruptcy process, including
the development, negotiation and confirmation of plans of reorganization.
Mr. Ramaekers serves on the Board of Directors of the Turnaround Management
Association and is a member of the American Bankruptcy Institute. He holds a
Bachelors degree in chemical engineering from the University of Florida and an
MBA from the University of Michigan. He was formerly a faculty member teaching
management courses at the University of Detroit.
United Companies which services non-traditional consumer loan products has
been in a Chapter 11 reorganization since March 1, 1999.
The following is a "Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: The statements contained in this release that
are not historical facts are forward-looking statements based on the Company's
current expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that future
developments affecting the Company will be those anticipated by the Company.
Actual results may differ from those projected in the forward-looking
statements. These forward-looking statements involve significant risks and
uncertainties (some of which are beyond the control of the Company) and are
subject to change based upon various factors, including but not limited to the
following risks and uncertainties: the developments in and outcome of the
Company's Chapter 11 reorganization proceedings; the ability to access loan
facilities in amounts necessary to fund the Company's operations; the
successful disposition of its existing loan portfolio and repossessed real
estate properties; the ability of the Company to successfully restructure its
balance sheet; the ability of the Company to retain an adequate number and mix
of its employees; the effect of the Company's policies including the amount of
Company expenses; actual prepayment rates and credit losses on loans sold as
compared to prepayment rates and credit losses assumed by the Company at the
time of sale for purposes of its gain on sale computations; the quality of the
Company's owned and serviced loan portfolio including levels of delinquencies,
customer bankruptcies and charge-offs; adverse economic conditions;
competition; various legal, regulatory and litigation risks and other risks
detailed from time to time in the Company's Securities and Exchange Commission
filings. The Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as the result of new information, future
events or otherwise.
