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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): August 29, 1996
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(August 28, 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 August 28, 1996, Eagle-Picher Industries, Inc. and seven of its
domestic subsidiaries filed a Third Amended Consolidated Plan of Reorganization
(the "Plan") and an accompanying proposed Disclosure Statement 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
Bankruptcy Court entered an order approving the Disclosure Statement, requiring
that voting on the Plan be completed by November 4, 1996, and setting a hearing
to consider confirmation of the Plan for November 13, 1996. The basic elements
of the Plan are discussed in the News Release dated August 28, 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.
(Registrant)
Date: August 29, 1996 By: /s/James A. Ralston
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James A. Ralston
Vice President, General
Counsel and Secretary
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EXHIBIT INDEX
<TABLE>
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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 MOVES FORWARD WITH REORGANIZATION EFFORT
Cincinnati, Ohio - August 28 - Eagle-Picher Industries announced that a Third
Amended Consolidated Plan of Reorganization (the Plan) and the accompanying
proposed Disclosure Statement were filed today with the U.S. Bankruptcy Court in
Cincinnati. The Bankruptcy Court entered an order approving the Disclosure
Statement. Pursuant to such order, voting on the Plan by the various classes of
creditors must be completed by November 4, 1996. The order also set a hearing to
consider confirmation of the Plan for November 13, 1996. The Plan, which was
filed jointly by the Company, the Injury Claimants' Committee (ICC), and the
Representative for Future Claimants (RFC), is based on a settlement of $2.0
billion for the Company's liability for present and future asbestos-related
personal injury claims. The Unsecured Creditors' Committee (UCC) supports the
Plan. If the Plan becomes effective, the UCC's appeal before the Federal
District Court of the Bankruptcy Court's estimation of $2.5 billion for the
Company's liability for present and future asbestos-related personal injury
claims will be dismissed.
The ICC represents approximately 150,000 persons alleging injury due to exposure
to asbestos-containing products manufactured by Eagle-Picher from 1934 until
1971. Future personal injury claimants are represented by the RFC.
Based on the settlement of $2.0 billion for the Company's liability with respect
to present and future asbestos-related personal injury claims, the Company's
estimate that all other prepetition unsecured claims aggregate approximately
$157 million, and the expected value of the equity of the reorganized Company,
the Company anticipates that each holder of prepetition general unsecured
claims, including environmental claims, will receive a distribution equal to
approximately 33% of its claims. Such distribution will be paid 1/2 in cash and
1/2 in notes with a three-year maturity.
Pursuant to the Plan, the trust to be established to resolve and satisfy all
asbestos and lead-related personal injury claims will receive consideration
consisting of cash, notes and all of the stock of the reorganized Company. Based
upon the above assumptions, the Company estimates that the aggregate value of
the
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consideration to be distributed to the trust is equal to approximately 33% of
the $2.0 billion settlement amount for the Company's liability for present and
future asbestos-related personal injury claims.
As was the case with previous plans, the Company's equity security holders will
receive no distribution under the Plan and their shares will be canceled.
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