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) September 22, 199
PACIFIC INTERNATIONAL SERVICES CORP.
(Exact Name of Registrant as Specified in Its Charter)
California
(State or Other Jurisdiction of Incorporation)
0-11404 95-2877371
(Commission File Number) (I.R.S. Employer Identification Number)
1600 Kapiolani Boulevard, Suite 825, Honolulu, Hawaii 96814
(Address of Principal Executive Offices)
(808) 926-4242
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
Pacific International Services Corp. (the "Company") has not made the
payment due on September 1, 1995, to its bondholders under the Indenture
Agreement, dated September 1, 1987. The Company has issued a press release on
September 22, 1995, regarding this matter, which is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
99.1 Press Release issued on September 22, 1995.
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.
PACIFIC INTERNATIONAL SERVICES CORP.
(Registrant)
Date: September 22, 1995 By: /s/ Alan M. Robin
Alan M. Robin
President
For more information, contact:
Alan Robin, PISC
Honolulu, Hawaii
(808)926-4242
SEPTEMBER 22, 1995
FOR IMMEDIATE RELEASE
HONOLULU, Hawaii. Pacific International Services Corp. (PISC), today
announced it had not made its September 1st payment to the Bondholders under the
indenture agreement of September 1, 1987. The company previously announced
that it had entered into an agreement with Dollar Systems, Inc. to sell its
vehicle rental operations. The proposed transaction is subject to due diligence
review, which is expected to be completed by September 29, 1995, as well as
approvals of PISC bondholders, shareholders and others.
Due to the fact that the expense of completing the various steps necessary to
comply with the sale and exchange offer, the company determined it was
necessary to withhold the September interest payment when due in order to
conserve cash for operations during this period.
The transaction is scheduled to close in late October or early November. If the
required consents are obtained, the company intends to use all of the cash
proceeds from the closing and a portion of its authorized and unissued equity
to effect an exchange of the outstanding debentures.
