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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): January 18, 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 January 18, 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 January 18, 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: January 19, 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 January 18, 1999. 5
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FOR IMMEDIATE RELEASE
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JANUARY 18, 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 January 14, 1999, the U.S. Bankruptcy Court in Bridgeport, Connecticut
approved the sale by Scott Cable Communications, Inc. (the "Company") 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.
The Company expects to consummate the sale of its assets to InterLink on or
about February 1, 1999. Because that sale is being effected pursuant to
Section 363 of the Bankruptcy Code and outside of the Company's Prepackaged
Liquidating Chapter 11 Plan (the "Plan"), confirmation of which Plan was
denied by the Bankruptcy Court on December 11, 1998 following objections
thereto by the Internal Revenue Service (the "IRS"), the Bankruptcy Court's
order provides that the sale proceeds shall not be distributed to creditors
except pursuant to further Court orders. The Company intends to file
promptly for 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 pay-in-kind notes due March 18,
2002.
The IRS has commenced an action in the Bankruptcy Court challenging the liens
and claims of the holders of the Company's 16% junior subordinated
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, it is
anticipated that no distributions will be made to the holders of the 16%
Notes.
