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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): April 9, 1996
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(April 9, 1996)
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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 April 9, 1996, Eagle-Picher Industries, Inc. and seven of its
domestic subsidiaries filed a First Amended Consolidated Plan of Reorganization
(the "Amended 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 Amended 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 Amended Plan are discussed in the News
Release dated April 9, 1996, 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)
Date: April 9, 1996 By: /s/ David N. Hall
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David N. Hall
Senior Vice President-
Finance
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EXHIBIT INDEX
Exhibit Number Page
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20 5
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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 FILES AMENDED PLAN OF REORGANIZATION
Cincinnati, Ohio - April 9, 1996 - Eagle-Picher Industries today announced that
a First Amended Consolidated Plan of Reorganization was filed with the U.S.
Bankruptcy Court in Cincinnati, Ohio. The amended plan and accompanying
proposed Debtors' First Amended Joint Disclosure Statement was necessitated by
the Court's response to a motion filed by the Company in July 1995 requesting
that the Bankruptcy Court estimate the Company's aggregate liability on account
of present and future asbestos-related personal injury claims.
The Company indicated that the most significant modification to the previous
plan that was filed on February 28, 1995 as a result of the ruling is the
reallocation of distributions under the plan to various categories of unsecured
claims. Under the former plan the estimated total amount of allowed
pre-petition unsecured claims was approximately $1.657 billion. Of this
amount, $1.5 billion (approximately 91 percent) represented an agreed to
settlement for present and future asbestos-related personal injury claims. The
remaining $157 million (approximately 9 percent) represented anticipated
allowed amounts of environmental, other pre-petition unsecured claims and
priority claims.
As a result of the Court's ruling that the Company's asbestos liability is
$2,502,511,000, the estimated total amount of allowed pre-petition unsecured
claims increases to approximately $2,659,511,000, the percentage of cash,
notes, and stock distributable to the asbestos claimants increases to 94
percent, and the share of such assets allocable to environmental, other
pre-petition unsecured claims and priority claims falls to 6 percent. This is
because the amount of those claims, approximately $157 million, was not changed
by the decision.
Following the Court's estimation of the Company's aggregate liability on
account of present and future asbestos-related personal injury claims at $2.5
billion, Eagle-Picher recorded an additional $1 billion writedown on its
balance sheet. This resulted in negative net worth in excess of $2 billion,
indicating that sufficient value does not exist to allow equity security
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holders to participate in a plan of reorganization. Accordingly, the Company
filed a motion on December 18, 1995 asking the Bankruptcy Court to direct the
United States Trustee to disband the Equity Security Holders' Committee. On
January 24, 1996, the Bankruptcy Court partially granted the motion by limiting
the ongoing activities of the Equity Security Holders' Committee to the
prosecution of its appeal of the Estimation Ruling.
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4/9/96
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