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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): December 7, 1995
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(December 4, 1995)
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EAGLE-PICHER INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
OHIO 1-1499 31-0268670
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
Number)
580 Walnut St., 13th Floor, P.O. Box 779, Cincinnati, Ohio 45201
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 513-721-7010
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(Not Applicable)
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On December 4, 1995, the United States Bankruptcy Court for the Southern
District of Ohio, Western Division, presiding over the chapter 11 cases of
Eagle-Picher Industries, Inc. (the "Company") and seven of its domestic
subsidiaries, ruled that the Company's estimated aggregate liability on account
of present and future asbestos-related personal injury claims is $2,502,511,000.
The chapter 11 cases of the Company and its subsidiaries have been consolidated
for procedural purposes as IN RE EAGLE-PICHER INDUSTRIES, INC., ET AL.,
Consolidated Case No. 1-91-00100. Additional information concerning the
Bankruptcy Court's ruling is discussed in the News Release dated December 6,
1995, which is attached hereto as Exhibit 20 and incorporated by reference into
this Item 5.
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SIGNATURE
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.
EAGLE-PICHER INDUSTRIES, INC.
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(Registrant)
By: /s/ David N. Hall
Date: December 7, 1995 ------------------------
David N. Hall
Senior Vice President-
Finance
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EXHIBIT INDEX
Exhibit Number Page
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20 5
4
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EXHIBIT 20
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NEWS RELEASE
Eagle-Picher Industries, Inc., Cincinnati, Ohio 45202
For Release: IMMEDIATELY
FOR ADDITIONAL INFORMATION CONTACT: J. RODMAN NALL
(513) 721-7010
EAGLE-PICHER INDUSTRIES ANNOUNCES COURT'S RULING
Cincinnati, Ohio - December 6, 1995 - Eagle-Picher Industries today announced
that the Bankruptcy Court presiding over the Company's chapter 11
reorganization case ruled that the Company's estimated aggregate liability on
account of present and future asbestos-related personal injury claims is
$2,502,511,000.
This ruling was in response to a motion filed by the Company in July requesting
that the Bankruptcy Court estimate such liability for the purpose of
determining the appropriate distributions to creditor classes under a plan of
reorganization. The Unsecured Creditors' Committee and the Equity Security
Holders' Committee appointed in the Company's chapter 11 case had not agreed
with the amount of such liability previously negotiated for settlement purposes
among the Company, the Injury Claimants' Committee ("ICC") and the Legal
Representative for Future Claimants ("RFC").
Thomas E. Petry, Eagle-Picher Chairman, said that "the Company is pleased that
its estimated liability with respect to asbestos-related personal injury
claims, a critical element in formulating an appropriate distribution scheme in
a plan of reorganization, has been determined. The Court's ruling will enable
the Company to move forward with its reorganization efforts.
"Because the Court estimated that the Company's aggregate liability on account
of asbestos-related personal injury claims is larger than the $1.5 billion
amount agreed to for settlement purposes in the fourth quarter of 1993, the
Company will record a provision in the fourth quarter of 1995 of $1,002,511,000
to increase the asbestos liability subject to compromise to $2,502,511,000.
"The Company intends to proceed with an amended plan and accompanying amended
proposed disclosure statement as soon as practicable. The Company anticipates
that the only substantive modifications to the plan filed on February 28, 1995
will relate to the allocation of distributions under the plan to the various
categories of unsecured claims."
12/6/95
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