<PAGE> 1
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
March 5, 1999
Date of Report (Date of earliest event reported)
THORN APPLE VALLEY, INC.
(Exact name of registrant as specified in its charter)
Michigan 000-06566 38-1964066
- ---------------------------- ----------- -------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
26999 Central Park Boulevard, Suite 300, Southfield MI 48076
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (248) 213-1000
------------------------------
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
FORM 8-K
Item 3. Bankruptcy or Receivership.
Thorn Apple Valley, Inc. (the "Debtor") issued a press release on March
5, 1999 (the "Press Release"), announcing that it filed a voluntary petition for
relief under Chapter 11 of the Federal Bankruptcy Code in the United States
Bankruptcy Court for the Eastern District of Michigan, Southern Division (the
"Court"). Chapter 11 pleadings were filed under the names "In Re Thorn Apple
Valley, Inc.", case number 99-43645.
The Debtor is continuing to operate as debtor-in-possession subject to
the supervision of the Court.
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this Report to be signed on its behalf
by the undersigned hereunto duly authorized.
THORN APPLE VALLEY, INC.
By: /s/ Louis Glazier
-------------------
Executive Vice President - Finance and
Administration
Dated: March 9, 1999
<PAGE> 3
EXHIBIT INDEX
-------------
Item No. Exhibit
- -------- -------
99 Press Release of Thorn
Apple Valley, Inc.
dated March 5, 1999
<PAGE> 1
[THORN APPLE VALLEY, INC. CORPORATE OFFICE LETTERHEAD]
EXHIBIT 99
FOR IMMEDIATE RELEASE:
Contact: Joel Dorfman
Phone: 248.213.1000
THORN APPLE VALLEY FILES FOR CHAPTER 11 PROTECTION
Thorn Apple Valley, Inc. (NASDAQ:TAVI) filed a petition for voluntary
reorganization under Chapter 11 of the Bankruptcy Code. The filing will provide
the protection needed from existing liabilities and allow continuation of all
operations. Financial impact due to the collapse of the Russian Ruble for Thorn
Apple Valley's export business in August and the actual costs and
uncertainties due to the listeria recall in January have resulted in current
creditor concerns and restrictions causing the need to seek protection. Thorn
Apple Valley is in the process of engaging the investment banking firm of Peter
J. Solomon & Co. to seek financing for the company or to seek to sell the assets
of the company, so that operation of the company can continue on a going concern
basis. Many well known successful companies, including Continental Airlines and
Dow Corning, have used protection under Chapter 11 to provide the time to
restructure and become stronger companies.
Thorn Apple Valley has always been committed to the safety and quality of
its products. On January 22, after consulting with the USDA, a voluntary recall
was implemented to protect Thorn Apple Valley's consumers from the
potential risk of contamination. There have been no confirmed illnesses
regarding product that was recalled. The unplanned financial impact of this
recall is the primary reason for seeking Chapter 11 protection.
"Because the number one commitment is to the safety of our consumers, and
to be sure our retailers and wholesalers only have the best, safest
products to sell, we voluntarily recalled our products," Joel Dorfman,
President and CEO said. "This recall left us with a short-term cash problem
that necessitated the filing for protection under Chapter 11. We expect
this filing will allow us to continue to operate, meet our sales needs and
provide for our more than 3,000 employees. We expect to resolve this issue
and keep our operation together as a going concern."
In response to the problems presented by the national listeria recall that
has impacted the entire industry, Thorn Apple Valley has undertaken an extensive
program through Kansas State University to assure that Thorn Apple Valley has
the most comprehensive food safety program in the world.
Thorn Apple Valley is a manufacturer of processed meat products
headquartered in Southfield, Michigan. Thorn Apple Valley has sales of about
$500 million and employs over 3,000 people with plants in Michigan, North
Carolina, Arkansas and Oklahoma.
