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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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)
December 9, 1994
ENSERCH Corporation
(Exact name of Registrant as specified in its charter)
Texas 1-3183 75-0399066
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
ENSERCH Center, 300 S. St. Paul, Dallas, Texas 75201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including Area Code: 214-651-8700
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ITEM 5. Other Events
A. Set forth below in its entirety is a news release issued
by ENSERCH Corporation on December 9, 1994:
ENSERCH EXPLORATION PARTNERS, LTD.
TO BECOME ENSERCH EXPLORATION, INC.
DALLAS, TEXAS (December 9, 1994) -- ENSERCH
Corporation announces that Securities and Exchange
Commission clearance has been obtained in order to
proceed with a reorganization of Enserch Exploration
Partners, Ltd. (NYSE-EP) into a new corporation, Enserch
Exploration, Inc., which will be concluded on December
30, 1994. Under the reorganization, registered EP
unitholders will receive one share in the new company for
each unit owned. A prospectus/information statement is
being mailed to EP unitholders regarding the
reorganization.
Enserch Exploration, Inc. will trade on the New York
Stock Exchange under the symbol "EEX."
ENSERCH will relieve EP of its intracompany
indebtedness of approximately $395 million. As a result,
the new company will have no long-term debt. Certain
equipment lease arrangements on two offshore projects
will remain as long-term obligations.
"Converting the partnership to a corporation brings
distinct advantages for EP's unitholders," said David W.
Biegler, chairman and president, chief executive officer
of ENSERCH. "As we increase the minority interest
ownership in the new corporation, investors will have
access to a more liquid market for their shares.
"Furthermore, it will provide the new company with
greater access to capital markets to create growth. It
will also eliminate the complexities of tax reporting for
the unitholders," Biegler added.
It is estimated that the reorganization will result
in the reduction of ENSERCH Corporation's deferred tax
liability by approximately $55 million, which reflects
the expectation of paying less in federal income taxes in
the future than would have been paid if the
reorganization had not occurred.
ENSERCH Corporation is an integrated natural-gas
company.
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SIGNATURES
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 thereunto duly authorized.
ENSERCH Corporation
Date: December 12, 1994 By: /s/ Jerry W. Pinkerton
Jerry W. Pinkerton
Vice President and Controller,
Chief Accounting Officer
