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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): JUNE 26, 1997
STREAMLOGIC CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 95-3093858
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
COMMISSION FILE NUMBER: 0-12046
1555 ADAMS DRIVE
MENLO PARK, CALIFORNIA 94025
(Address of principal executive offices and zip code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (415) 833-4833
(Former name or former address, if changed since last report)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
On June 26, 1997, StreamLogic Corporation (the "Company") filed a
voluntary petition in the United States Bankruptcy Court for the Northern
District of California, San Francisco Division, seeking protection under
Chapter 11 of the United States Bankruptcy Code. The Company will continue to
operate as a debtor-in-possession, with its existing directors and officers,
subject to the supervision and orders of the bankruptcy court. As of the date
of this report, no plan of reorganization has been filed by the Company and no
trustee has been appointed. Concurrent with the filing, the Company has applied
to the Securities and Exchange Commission to modify its reporting obligations
under the Securities Exchange Act of 1934, as amended.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibits
99.1 Press Release of StreamLogic Corporation dated June 26, 1997.
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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.
STREAMLOGIC CORPORATION
(Registrant)
Date: June 25, 1997 By /s/ MARK M. GLICKMAN
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Mark M. Glickman
Chief Financial Officer
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EXHIBIT INDEX
99.1 Press Release of StreamLogic Corporation dated June 26, 1997.
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EXHIBIT 99.1
PRESS RELEASE OF STREAMLOGIC CORPORATION DATED JUNE 26, 1997
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CONTACTS: Mark M. Glickman FOR IMMEDIATE RELEASE
415-833-4833
STREAMLOGIC CORPORATION
MENLO PARK, CA -- June 26, 1997. StreamLogic Corporation announced
today that it has filed a voluntary petition for relief under the provisions of
Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy
Court for the Northern District of California, San Francisco Division. The
Company's filing will allow the Company to restructure its financial
obligations through a plan of reorganization.
On June 17, 1997, the Company announced that its preliminary operating
results for the fourth quarter and for the fiscal year ended March 28, 1997
(unaudited) were losses of $20.8 million and $16.1 million, respectively. The
loss for the fiscal year included an extraordinary gain of $24.1 million during
the third quarter relating to the exchange of the Company's 6% subordinated
debentures for a combination of cash, increasing rate notes, common stock of
the Company and warrants to purchase common stock of the Company (the "Bond
Exchange"). In addition, the Company has been named as a defendant in a number
of litigation matters, and the Company has been required to expend significant
financial resources in defending such litigation. Effective June 25, 1997, the
Company's securities were delisted from The Nasdaq Stock Market based on, among
other factors, the Company's stock price, market capitalization and level of
net tangible assets.
In late 1996 and early 1997, the Company's Board of Directors was
restructured through a combination of Board resignations and the appointment of
new directors in connection with the Bond Exchange. A new management team was
hired with experience in the turnaround of distressed
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companies. Since that time, the Board and the new management team have pursued
a course intended to bring financial stability to the Company, including a
significant reduction in the Company's work force, relocation of the Company's
corporate headquarters and consolidation of the Company's manufacturing,
production facilities, engineering and research and development facilities into
a single facility in Northern California.
The bankruptcy proceeding is limited to StreamLogic Corporation.
Subject to restrictions that may be imposed by the bankruptcy court, domestic
and foreign business operations should continue with a minimum of disruptions
or impediments. The Company intends to work diligently on formulation of a
reorganization plan which strives to preserve the Company as a viable, going
concern, while at the same time seeking to protect the interests of the
Company's creditors, debt holders and shareholders.
Certain statements contained in this release may be deemed "forward
looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. There are many factors that could cause the events in such
forward looking statements not to occur, or to occur in a manner materially
different from that contemplated by such forward looking statements, including
the inability of the Company to implement a successful plan of reorganization.
Accordingly, actual results could differ materially from those contemplated in
such forward looking statements.
