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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): September 28, 1998
ERLY Industries Inc.
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of incorporation)
1-7894 95-2312900
(Commission File Number) (I.R.S. Employer
Identification No.)
10990 Wilshire Boulevard, #1800
Los Angeles, California 90024-3955
(Address of Principal (Zip Code)
Executive Offices)
(213) 879-1480
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events
Chapter 11 Filing By ERLY Industries Inc.
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ERLY Industries Inc. ("ERLY"), filed a Chapter 11 bankruptcy
petition in Corpus Christi, Texas on September 28, 1998.
A press release reporting the Chapter 11 filing was issued by
ERLY on September 28, 1998. The information contained in
such press release is attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press Release dated September 28, 1998
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.
Date: October 1, 1998 ERLY INDUSTRIES INC.
--------------------
(Registrant)
By: /s/ Gerald D. Murphy
----------------------
Chairman and
Chief Executive Officer
FOR IMMEDIATE RELEASE
For Further Information:
Gerald D. Murphy
Chairman, Chief Executive Officer
(213) 879-1480
ERLY INDUSTRIES INC. FILES CHAPTER 11
LOS ANGELES, CALIFORNIA, September 28, 1998 --- ERLY Industries Inc.
("ERLY"), today filed for protection from creditors to prevent the
foreclosure on the stock of American Rice, Inc. ("ARI") owned by ERLY
Industries. ERLY had pledged most of its ARI stock to the Noteholders
of ARI's $100 million principal amount of 13.0% Mortgage Notes due 2002
(the "Notes") in August 1995 when the Notes were issued. ARI filed
for bankruptcy protection on August 11, 1998. ERLY, which owns 81% of
ARI, filed its Chapter 11 bankruptcy petition in Corpus Christi, Texas,
listing assets and liabilities of between $10-$50 million each.
ERLY is listed under the symbol "ERLYE" on the NASDAQ Stock Market.
Safe Harbor Statement Under the Private Securities Litigation Reform Act
of 1995: Any statements set forth above that are not historical facts
are forward-looking statements that involve risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. Potential risks and uncertainties include
but are not limited to such factors as product demand and development,
ability to maintain customer relationships, technological advancements,
impact of competitive products and pricing, growth in targeted markets,
risk of foreign operations, and other information detailed from time to
time in the Company's Securities and Exchange Commission filings.
