<PAGE> 1
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 19, 1996
(July 17, 1996) -------------
---------------
EAGLE-PICHER INDUSTRIES, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
OHIO 1-1499 31-0268670
- ---------------------------- ------------- -----------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
Number)
</TABLE>
580 Walnut St., 13th Floor, P.O. Box 779, Cincinnati, Ohio 45201
-----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 513-721-7010
------------
(Not Applicable)
-----------------------------------------------------------------
(Former name or former address, if changed since last report)
1
<PAGE> 2
Item 5. Other Events.
------------
On July 17, 1996, Eagle-Picher Industries, Inc. and seven of its domestic
subsidiaries filed a Second Amended Consolidated Plan of Reorganization (the
"Plan") in their chapter 11 cases. These cases are pending before the United
States Bankruptcy Court for the Southern District of Ohio, Western Division,
under the caption, IN RE EAGLE-PICHER INDUSTRIES, INC., ET AL., Consolidated
Case No. 1-91-00100. The Plan was proposed jointly with the Injury Claimants'
Committee and Legal Representative for Future Claimants appointed by the
Bankruptcy Court to represent certain claimants in the chapter 11 cases. The
basic elements of the Plan are discussed in the News Release dated July 18,
1996, which is attached hereto as Exhibit 20 and incorporated by reference into
this Item 5.
2
<PAGE> 3
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.
-----------------------------
(Registrant)
Date: July 19, 1996 By: /s/ James A. Ralston
--------------------------
James A. Ralston
Vice President, General
Counsel and Secretary
3
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<S> <C>
Exhibit Number Page
- -------------- ----
20 5
</TABLE>
4
<PAGE> 1
EXHIBIT 20
----------
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, INC. FILES
SECOND AMENDED PLAN OF REORGANIZATION
Cincinnati, Ohio - July 18 - Eagle-Picher Industries, Inc. today announced
that a Second Amended Consolidated Plan of Reorganization (the "Plan") was
filed late in the day of July 17, 1996.
The previous plan that was filed on April 9, 1996 provided that each holder
of a prepetition general unsecured claim (including environmental claims) would
receive its pro rata share of the cash, notes, and stock to be distributed
under the plan to all such claimants and to a trust to be established to
satisfy all present and future asbestos and lead-related personal injury claims
against the Company. The Plan provides that each holder of a prepetition
general unsecured claim will receive its pro rata share of the value of the
aggregate consideration, which consists of cash, notes and stock of the
reorganized Company (the "Distribution Value"), to be distributed under the
Plan to holders of general unsecured claims, environmental claims, asbestos and
lead personal injury and asbestos property damage claims. Each such holder
shall have the option of receiving the amount of such pro rata share as
follows: (a) 1/2 of such pro rata share in cash and 1/2 of such pro rata share
in notes with a three year maturity; or (b) 1/6 of such pro rata share in cash,
1/2 of such pro rata share in notes with a three year maturity, and 1/3 of such
pro rata share in stock of the reorganized Company.
The Plan also modifies the consideration to be distributed to a trust that
will be established to resolve and satisfy asbestos property damage claims.
That trust will receive $3 million in cash if the class of asbestos property
damage claims accepts the Plan. If the class rejects the Plan, however, the
aggregate value of asbestos property damage claims will be estimated and, based
on such estimated amount, the trust will receive its pro rata share of the
Distribution Value in the form of debentures of the reorganized Company having
a ten year maturity.
5
<PAGE> 2
EAGLE-PICHER INDUSTRIES, INC. PAGE 2
Pursuant to the Plan the trust to be established to resolve and satisfy all
asbestos and lead-related personal injury claims will receive all of the
Distribution Value that is not distributed to other claimants.
Based on the decision of the Bankruptcy Court (which currently is on appeal)
which estimated the Company's liability with respect to present and future
asbestos-related personal injury claims at approximately $2.5 billion, and the
Company's estimate that all other prepetition unsecured claims aggregate
approximately $157 million, the Company estimates that the percentage of the
Distribution Value that will be distributed to the trust established to resolve
and satisfy asbestos and lead-related personal injury claims will be
approximately 94% and the percentage of the Distribution Value that will be
distributed with respect to other prepetition general unsecured claims will be
approximately 6%.
As was the case with the previous plan, the Company's equity security holders
will receive no distribution under the Plan and their shares will be cancelled.
# # # # #
7/18/96
6
