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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): NOVEMBER 18, 1996
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KERR GROUP, INC.
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(Exact Name of Registrant as specified in its Charter)
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DELAWARE 1-7272 95-0898810
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of corporation) Identification No.)
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500 NEW HOLLAND AVENUE, LANCASTER, PA 17602
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(Address of Principal Executive Office) (Zip Code)
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Registrant's telephone number, including area code: (717) 299-6511
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1840 CENTURY PARK EAST, LOS ANGELES, CA 90067
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(Former name or former address, if changed since last report)
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Index Exhibit Appears on Page 5
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ITEM 5. OTHER EVENTS.
On November 18, 1996, Kerr Group, Inc. issued a press release announcing
that the holders of $50,900,000 of its existing unsecured debt have sold the
debt. A copy of this press release is attached hereto as Exhibit 99.1 and
incorporated herein by reference.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
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99.1 Press release issued by Kerr Group, Inc., dated November 18,
1996.
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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 hereunto duly authorized.
KERR GROUP, INC.
Dated: November 18, 1996 By: /s/ D. Gordon Strickland
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D. Gordon Strickland
President and Chief Executive Officer
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EXHIBIT INDEX
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Exhibit No. Description
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Page
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99.1 Press release issued by Kerr Group, Inc., dated November 18,
1996
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FOR IMMEDIATE RELEASE
KERR ANNOUNCES SALE OF DEBT
BY INSTITUTIONAL LENDERS
LANCASTER, PENNSYLVANIA (November 18, 1996) -- Kerr Group, Inc.
(NYSE:KGM), announced today that the holders of $50,900,000 of its existing
unsecured debt have sold the debt. Representatives of the new owners of the debt
have informed Kerr that they do not intend to pursue the previously announced
restructuring of this debt, pursuant to which a portion of this debt was to have
been repaid with the proceeds of a new secured credit facility from The CIT
Group/Business Credit, Inc., and the balance of which was to have been converted
into preferred stock and subordinated debt. The new owners have indicated that
they prefer a restructuring that would involve the exchange of debt for equity
in Kerr. The terms of any such exchange have not yet been agreed, and there is
no assurance that Kerr and the owners of the debt will reach agreement on the
terms of such exchange.
In order to provide Kerr with the opportunity to evaluate and negotiate
the terms of this restructuring, Kerr announced that the owners of the debt have
agreed to an extension of waivers of certain financial covenants and the
maturity of a portion of the debt through December 31, 1996.
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Kerr, headquartered in Lancaster, Pennsylvania, is a major producer of
plastic packaging products.
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Company Contact: Geoffrey A. Whynot
Vice President, Finance and
Chief Financial Officer
(717) 390-8439
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