SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
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): July 14, 1999
Perini Corporation
___________________________________________________
(Exact name of registrant as specified in charter)
Massachusetts 1-6314 04-1717070
(State or other (Commission File Number) (IRS Employer Identification No.)
jurisdiction of
incorporation)
73 Mt. Wayte Avenue, Framingham, Massachusetts 01701
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (508) 628-2000
(Former name or former address, if changed since last report) Not applicable
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ITEM 5. OTHER EVENTS.
On July 14, 1999, Perini Corporation issued the following Press Release:
Perini Announces Commencement of Rincon Foreclosure
Framingham, MA -- Perini Corporation (AMEX:PCR) announced today that the
nonbinding agreement between the Company's real estate subsidiary, Perini Land
and Development Company ("PL&D"), the Managing General Partner of Rincon Center
Associates ("RCA"), and the lenders to Rincon Center, a mixed-use property in
San Francisco, will not be implemented because of the failure to obtain
agreement of all necessary parties. The lenders have issued formal notices of
default. Under California law, the notices filed on July 9, 1999, allow for a
90-day period during which any default under the loans could be remedied. Absent
a cure, the property can then be sold in foreclosure.
Management anticipates that these proceedings will result in a
write-down by the Company of its $81 million investment in Rincon Center. In
addition, the waiver by the Company's bank group of the default arising from the
maturity of the Rincon loan has expired. Management has requested a renewal of
that waiver.
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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.
Perini Corporation
Dated: July 15, 1999 By: /s/ Robert Band
Robert Band
President and Chief
Executive Officer
