FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: August 22, 1997
(Date of earliest event reported)
RYMER FOODS INC.
(Exact name of registrant as specified in its charter)
Delaware 36-1343930
(State of Incorporation (I.R.S. Employer
or Organization) Identification No.)
4600 S. Packers Avenue, Suite 400, Chicago, Illinois 60609
(Address of principal executive offices) (Zip Code)
(773) 927-7777
(Registrant's telephone no., including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
<PAGE>
Item 3. Bankruptcy or Receivership
On August 21, 1997, Rymer Foods Inc.'s prepackaged Chapter 11 plan
of reorganization was confirmed by the Bankruptcy Court for the Northern
District of Illinois.
Under the Prepackaged Plan as confirmed, Rymer will implement a 25
into 1 reverse stock split and will issue up to 4,300,000 shares of new
common stock to the holders of its senior notes and other unsecured
creditors, its stockholders, and members of its senior management; and
all senior notes will be eliminated. Immediately following consummation
of the Prepackaged Plan, prior holders of the senior notes and other
unsecured creditors will own 80% of the issued and outstanding new
common stock, the prior stockholders will own 10%, and Rymer senior
management will own 10% of Rymer. Rymer expects to complete the
restructuring and issue the new common shares by the end of September.
Item 7.(c) Exhibits
99.1 Rymer Foods Inc. News Release dated August 22, 1997.
RYMER FOODS INC.'S PLAN OF REORGANIZATION CONFIRMED
August 22, 1997 FOR IMMEDIATE RELEASE
Chicago, IL - Rymer Foods Inc.'s (OTCBB: RYMRQ) prepackaged Chapter
11 plan of reorganization was confirmed on August 21, 1997 by the
Bankruptcy Court for the Northern District of Illinois. The bankruptcy
proceedings were completed 45 days after the original filing on July 8,
1997.
Rymer Foods Inc. is the holding company for Rymer Meat Inc., a
Chicago-based portion controlled meat company that provides frozen, pre-
seasoned meat and tailored programs to restaurants and institutional
food service providers. Rymer Meat was not involved in the Chapter 11
filing and has continuously operated without interruption.
Under the Prepackaged Plan as confirmed, Rymer Foods Inc. will
implement a 25 into 1 reverse stock split and issue up to 4,300,000
shares of new common stock. All 11% senior notes will be eliminated in
exchange for new common stock. Rymer Foods Inc. expects to complete the
restructuring and issue the new common stock by the end of September.
Mr. P. E. Schenk, Rymer Foods Inc.'s Chief Executive Officer,
commented that, "All of us here at Rymer are extremely pleased to have
this necessary step accomplished and look forward to growing the
business with the benefit of a healthy balance sheet."
<PAGE>
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.
RYMER FOODS INC.
Date: August 29, 1997 By: /s/ Edward M. Hebert
Edward M. Hebert
Senior Vice President,
Chief Financial Officer
and Treasurer
