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 22, 1999
UNITED COMPANIES FINANCIAL CORPORATION
(Exact name as specified in its charter)
Louisiana 1-7067 71-0430414
(State or other jurisdiction of (Commission File Number) (IRS Employer
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 March 22, 1999
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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: March 23, 1999 By: /s/ Dale E. Redman
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Dale E. Redman, Executive Vice President
and Chief Financial Officer
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INDEX TO EXHIBITS
EXHIBIT SEQUENTIALLY
NO. EXHIBIT NUMBERED PAGE
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99 Press Release dated March 22, 1999
EXHIBIT 99
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UNITED COMPANIES FINANCIAL CORPORATION
[UNITED COMPANIES LOGO]
For More Information,
Contact:
Dale E. Redman
Executive Vice President &
Chief Financial Officer
225-987-2385 or 800-234-8232
RELEASE DATE: March 22, 1999
United Companies Markets Sale of its
Retail Lending Platform, UC Lending(R); Ginger Mae(R) to be Closed
DIP Hearing Rescheduled until March 31, 1999
BATON ROUGE, LA - United Companies Financial Corporation (NYSE: UC)
announced today that it will market for sale its retail lending platform,
UC Lending(R). Interested parties will be requested by the Company to
submit expressions of interest no later than April 6, 1999.
The Company also announced that its efforts to sell Ginger Mae(R),
its subsidiary which originates through financial institutions, have been
terminated and that this unit will be closed effective immediately.
In addition, the Company announced that due to the recent formation of
the Creditor's Committee in the Company's chapter 11 case, the Bankruptcy
Court hearing to consider final approval of the Company's previously
announced financing and purchase agreements with Greenwich Capital
Financial Products, Inc. and The CIT Group/Business Credit, Inc. has been
rescheduled until March 31, 1999.
United Companies Financial Corporation is a specialty finance company
in reorganization, that provides consumer loan products nationwide through
its lending subsidiary, UC Lending(R).
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: changes in the performance of the financial markets, in the
demand for and market acceptance of United Companies' products, and in
general economic conditions, including interest rates; the presence of
competitors with greater financial resources and the impact of competitive
products and pricing; the effect of the Company's policies including the
amount of the Company expenses; the continued availability to the Company
of adequate funding sources; 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 effect of changes in market interest rates on the spread between the
coupon rates on loans sold and the rates on securities backed by such loans
issued by the Company in securitization transactions and on the discount
rate assumed by the Company in its gain on sale computations; timing of
loan sales; the quality of the Company's owned and serviced loan portfolio
including levels of delinquencies, customer bankruptcies and charge-offs;
ratings; and various legal, regulatory and litigation risks. 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. For a more detailed discussion of some of the on going risks
and uncertainties, see Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations - Investment Considerations
in the Company's Annual Report on Form 10-K for the year ending December
31, 1997, as well as other Company filings with the Securities and Exchange
Commission.
