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: March 1, 1996
ELSINORE CORPORATION
(Exact name of registrant as specified in its charter)
STATE OF NEVADA 1-7831 88 0117544
(State or other (Commission File (IRS Employer
jurisdiction) Number) of Incorporation
Identification No.)
202 Fremont Street 89101
Las Vegas, Nevada (Zip Code)
(Address of principal
executive offices)
Registrant's telephone, including area code: (702) 385-4011
Item 5. Other Events.
On March 1, 1996, Elsinore Corporation issued a press
release, attached hereto as an exhibit, announcing that it
has filed with the U.S. Bankruptcy Court for the District of
Nevada, a proposed plan of reorganization and accompanying
Disclosure Statement related to the Company's filing for
Chapter 11 protection on October 31, 1995.
Item 7. Financial Statements and Exhibits
Exhibit No. Description
99 Press Release of the Company dated
March 1, 1996.
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SIGNATURES:
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this
Current Report on Form 8-K to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: March 1, 1996
ELSINORE CORPORATION
By: /s/ Thomas E. Martin
THOMAS E. MARTIN
President and Chief Executive Officer
By: /s/ Gary R. Acord
GARY R. ACORD
Sr. Vice President and Chief
Financial Officer
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EXHIBIT 99:
ELSINORE FILES PLAN OF REORGANIZATION
LAS VEGAS, Nevada, March 1, 1996...Elsinore
Corporation (ASE/PSE:ELS) today announced that it has filed
with the U.S. Bankruptcy Court for the District of Nevada a
proposed Plan of Reorganization and accompanying Disclosure
Statement related to the Company's filing for Chapter 11
protection on October 31, 1995 under the U.S. Bankruptcy
Code. The Plan was filed in accordance with a settlement
that Elsinore recently reached with the holders of the 12.5%
First Mortgage Notes who assert a $60 million claim against
the company.
Under the terms of the Plan, the 12.5% First Mortgage
Noteholders will receive 87.5% of the common shares of the
reorganized Elsinore in consideration for a reduction of
their claim from approximately $60 million to $30 million.
In addition, the company's 20% Senior Mortgage Noteholders
would retain their $3 million in outstanding principal plus
accrued interest and would be paid at an interest rate of
10% per annum or other appropriate interest rate approved by
the bankruptcy court. The company's convertible
subordinated noteholders, who currently assert claims for
approximately $1.5 million, would receive 2.5% of the common
shares of the reorganized Elsinore.
The U.S. Internal Revenue Service ("IRS"), which
asserts a claim of approximately $3 million, would be paid
in accordance with the Bankruptcy Code or in such manner as
otherwise agreed by the IRS. Also as part of the Plan, $1.5
million will be placed in a pool for payment to unsecured
creditors over a two-year period. Existing Elsinore
shareholders will hold 10% of the common stock of the
reorganized Elsinore. Moreover, after implementation of the
Plan, a rights offering will be made to the shareholders to
raise $5 million to provide additional funding for
Elsinore's operations and capital improvements.
Frank L. Burrell, Jr., Chairman of the Board, will
remain as an officer until June 15, 1996, or the
confirmation date of the Plan, whichever is earlier. Thomas
E. Martin, president and chief executive officer, will
remain in his position until the confirmation date. Gary
Acord, senior vice president and chief financial officer,
will remain in his position until April 1, 1996. Subsequent
to the confirmation of the Plan, management of the
reorganized Elsinore will be as designated by the First
Mortgage Noteholders.
The Plan is subject to approval by the Bankruptcy
Court which is presiding over the Chapter 11 cases involving
the Company and certain of its subsidiaries. The approval
process likely will take several months, and there is no
assurance that the Plan will be approved by the Bankruptcy
Court. Also, the Plan and Disclosure Statement may be
amended by the Company prior to its approval by the Court.
Trading in the Company's common stock continues to be
halted by the American Stock Exchange. As previously
reported, the Exchange intends to review the company's
continued listing eligibility concurrently with its progress
in the Chapter 11 preceding.
Elsinore Corporation owns and operates the Four
Queens, a downtown Las Vegas Hotel and Casino offering 690
rooms, meeting facilities, four restaurants, 1050 slot
machines, and numerous blackjack, craps and other table
games.
For information on Elsinore Corporation via facsimile
at no cost, simply call 1-800-PRO-INFO and dial company code
177.
