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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): February 1, 1999
Scott Cable Communications, Inc.
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(Exact name of Registrant as specified in its charter)
Texas
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(State or other jurisdiction of incorporation)
0-22-093 75-1766202
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(Commission File Number) (I.R.S. Employer Identification No.)
Four Landmark Square, Suite 302, Stamford, Connecticut 06901
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 323-1100
Not Applicable
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(Former name or former address, if changed since last report.)
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Item 5. OTHER EVENTS.
The Registrant hereby incorporates by reference the
description of the matters set forth in its press release dated February 3, 1999
(such press release being Exhibit 99.1 attached hereto).
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits. The following documents are being filed herewith
by the Company as exhibits to this Current Report on Form 8-K:
99.1 Press release of the Company dated February 3, 1999.
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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.
SCOTT CABLE COMMUNICATIONS, INC.
Date: Febuary 3, 1999 By: /s/ John M. Flanagan, Jr.
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John M. Flanagan, Jr.
Senior Vice President and
Chief Financial Officer
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Exhibit No. Exhibits Page No.
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99.1 Press release of the Company dated February 3, 1999. 5
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Exhibit 99.1
FOR IMMEDIATE RELEASE
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FEBRUARY 3, 1999
Contact: John M. Flanagan, Jr.,
Sr. Vice President and
Chief Financial Officer
Four Landmark Square, Suite 302
Stamford, CT 06901
Telephone: (203) 323-1100
Facsimile: (203) 325-3110
SCOTT CABLE COMMUNICATIONS, INC.
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On February 1, 1999, Scott Cable Communications, Inc. (the "Company")
consummated the previously announced sale of substantially all of its assets
to InterLink Communications Company, LLLC ("InterLink") of Denver, Colorado
pursuant to Section 363 of the Bankruptcy Code for a sale price of
$165,000,000, subject to closing adjustments.
Under the Bankruptcy Court's order of January 14, 1999 authorizing the
Company's foregoing sale, the Company cannot distribute the sale proceeds to
creditors except pursuant to further order of the Court. The Company has
therefore filed a motion seeking Court authorization to permit the payment in
full of the Company's indebtedness to Finova Capital Corporation, the
Company's senior secured lender, and the payment in full of the Company's
secured creditors holding the Company's 15% senior subordinated secured
pay-in-kind notes due March 18, 2002 (the "15% Notes"). In response to the
Company's foregoing motion, the Internal Revenue Service (the "IRS") has
filed a partial objection thereto, which objection seeks to limit the
Company's payment of the 15% Notes insofar as necessary to maintain Company
funds sufficient to pay all federal and state tax claims. The Bankruptcy
Court has scheduled a February 9, 1999 hearing on the Company's payment
motion and the IRS's objection thereto.
The IRS has previously commenced an action in the Bankruptcy Court
challenging the liens and claims of the holders of the Company's 16% junior
subordinated secured pay-in-kind notes due July 18, 2002 (the "16% Notes").
The amount, if any, ultimately to be distributed to the holders of the 16%
Notes will depend upon the outcome of that action. Pending the resolution of
that action, no distributions will be made to the holders of the 16% Notes.
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