___________________________________________________________________________
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: January 6, 1994
AMERICAN PRESIDENT COMPANIES, LTD.
(Exact name of registrant as specified in its charter)
Delaware 1-8544 94-2911022
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1111 Broadway, Oakland, California 94607
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (510) 272-8000
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AMERICAN PRESIDENT COMPANIES, LTD. AND SUBSIDIARIES
Item 5. Other Events
On December 6, 1993, American President Companies, Ltd. (the
"company") entered into an agreement with Daewoo Shipbuilding and Heavy
Machinery, Ltd. ("Daewoo"), of Korea, under which Daewoo will construct three
new diesel-powered containerships for delivery to the company in 1996.
On December 29, 1993, American President Lines, Ltd. ("APL"), a wholly
owned subsidiary of the company, finalized a settlement with the U.S. Military
Sealift Command on all claims arising from the contract that governed APL's
transportation of Operation Desert Storm cargo.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit
Number Description
_______ _______________________
28.1 Press Release dated December 6, 1993
28.2 Press Release dated January 6, 1994
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AMERICAN PRESIDENT COMPANIES, LTD. AND SUBSIDIARIES
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, thereunto duly authorized.
AMERICAN PRESIDENT COMPANIES, LTD.
Dated: January 6, 1994 By /s/ William J. Stuebgen
William J. Stuebgen
Vice President, Controller
Chief Accounting Officer
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AMERICAN PRESIDENT COMPANIES, LTD. AND SUBSIDIARIES
EXHIBIT INDEX
Exhibit
Number Description
_______ _______________________
28.1 Press Release dated December 6, 1993
28.2 Press Release dated January 6, 1994
EXHIBIT 28.1
NEWS RELEASE
Contact: Gil Roeder, APC Media Communications, tel. 510/272-7702.
For Immediate Release
APC COMMITS TO BUILD THREE NEW SHIPS AT DAEWOO
OAKLAND, December 6, 1993 -- American President Companies (APC) has entered
into an agreement with Daewoo Shipbuilding and Heavy Machinery, Ltd., of
Korea, under which Daewoo will construct three new diesel-powered
containerships for delivery in 1996. Each of the new ships will have a cargo-
carrying capacity of approximately 3600 TEUs (twenty-foot equivalent units),
including slots for 250 refrigerated cargo containers, and a service speed
of about 23.5 knots. The new ships, in combination with capacity from six
C11-class ships currently under contract for construction, will replace
four chartered vessels now operated in American President Lines'
West Asia/Middle East service.
The new ship program will cost approximately $190 million, and will
be financed by funds from a recent debt offering and internally generated cash
flow. The agreement is contingent upon the finalization of certain export
licensing arrangements in Korea.
In announcing the transaction, APC Chairman John M. Lillie said: "These
new ships will further strengthen our services in some of the world's fastest-
growing trade lanes."
Oakland, California-based American President Companies provides
container transportation and related services through an intermodal system
combining ocean, rail and truck transportation.
EXHIBIT 28.2
NEWS RELEASE
Contacts: Randy Gausman, Investor Relations, tel. 510/272-8284
Gil Roeder, Media Communications, tel. 510/272-7702
For Immediate Release
APC ANNOUNCES SETTLEMENT WITH MSC
Oakland, January 6, 1994 - American President Companies announced today that
its ocean and intermodal transportation subsidiary, American President Lines
(APL), has reached a settlement on all claims between APL and the U.S.
Military Sealift Command (MSC) arising from the contract that governed APL's
transportation of Operation Desert Storm cargo.
A settlement was finalized on December 29, 1993 that provides for payment to
APL by the MSC of up to $14 million. The principal features of the
settlement include a $3.5 million payment to APL by the MSC on the
settlement date, and an additional $8.75 million payment to APL by the MSC
in the first quarter of 1994. The company will record income from this
agreement as the proceeds are received.
Oakland-based American President Companies provides container transportation
and related services through an intermodal system combining ocean, rail and
truck transportation.
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