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): December 17, 1996
GANDER MOUNTAIN, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 0-14579 39-1742710
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
P.O. Box 128, Highway W
Wilmot, Wisconsin 53192
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(414) 862-2331
<PAGE>
Item 5. Other Events.
Gander Mountain, Inc. issued a press release on
December 17, 1996, announcing that it had received
clearance from the U.S. Bankruptcy Court in Milwaukee
(the "Bankruptcy Court") to send its Reorganization
Plan, Ballots and Disclosure Statement to shareholders
for review and approval. The Company issued a second
press release on December 18, 1996, to clarify the fact
that the headline of the earlier release may have
indicated that the Bankruptcy Court had approved the
Reorganization Plan when, in fact, only the Disclosure
Statement was approved.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release issued by the Company on
December 17, 1996.
99.2 Press Release issued by the Company on
December 18, 1996.
<PAGE>
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.
Dated: December 19, 1996 GANDER MOUNTAIN, INC.
By: /s/ Kenneth J. Guerrini
-----------------------
Kenneth J. Guerrini,
General Controler
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release, dated December 17, 1996.
99.2 Press Release, dated December 18, 1996.
Gander Mountain, Inc.
P.O. Box 128, Highway W
Wilmot, Wisconsin 53192
Phone: (414) 862-2331
AT THE COMPANY: AT THE FINANCIAL
RELATIONS BOARD:
Kenneth C. Bloom Michael Rosenbaum
Executive VP/ 875 N. Michigan Ave., Chicago, IL 60611
Chief Financial Officer (312) 266-7800
(414) 862-3302
FOR IMMEDIATE RELEASE
GANDER MOUNTAIN REORGANIZATION PLAN CLEARED BY
COURT;
COMMENT PERIOD BEGINS FOR SHAREHOLDERS, CREDITORS
Wilmot, Wisconsin, December 17, 1996 -- Gander
Mountain, Inc. (Nasdaq Bulletin Board: GNDR), has
received clearance from the U.S. Bankruptcy Court in
Milwaukee to send its reorganization plan, ballots and
disclosure statement to creditors and shareholders for
review and approval, the company announced today.
Mailing of the materials to parties in the
bankruptcy proceedings begins a review and comment
period of approximately one month. Under the timetable
approved by the court, objections to confirmation of
the plan must be received prior to 4 p.m., central
standard time, on Monday, January 13, 1997. The
deadline for receipt of ballots is 4 p.m., central
standard time, on Thursday, January 16, 1997. A
hearing on confirmation of the plan has been scheduled
for 9:30 a.m., central standard time, on Thursday,
January 23, 1997, in Milwaukee, according to Gander
Mountain.
Under the terms of the reorganization plan, the
company's 12 retail stores and substantially all
related assets of the business will be transferred to
Holiday Companies which will pay a purchase price equal
to all secured debt, administrative expenses of the
bankruptcy (including post-petition liabilities),
priority claims, reasonable post-confirmation expenses,
plus $19,500,000. $18.5 million will be distributed
among unsecured creditors, $500,000 paid pro rata to
Gander Mountain preferred shareholders, and $500,000
paid pro rata to holders of Gander Mountain common
stock.
If, however, the holders of preferred stock oppose
the Plan and it cannot be confirmed by the Court
because of this opposition, there will be no
distribution to preferred and common shareholders and
the amount available to unsecured creditors will
increase to $19 million. Unsecured claims of $1,000 or
less, and claims that creditors reduce voluntarily to
$1,000, will receive a one-time payment of 80% of their
claims out of the funds available to unsecured
creditors. After this payment, the balance will be
distributed pro rata to other unsecured creditors with
allowed claims.
Gander Mountain, Inc. is a customer-oriented
specialty retailer serving the outdoor recreation
market. The company is recognized as a leader in
providing functional outerwear, footwear and equipment
for the hunting, fishing and camping enthusiast.
For further information on Gander Mountain free of
charge via fax,
dial 1-800-PRO-INFO and enter the number 001.
XXXX
Gander Mountain, Inc.
P.O. Box 128, Highway W
Wilmot, Wisconsin 53192
Phone: (414) 862-2331
AT THE COMPANY: AT THE FINANCIAL
RELATIONS BOARD:
Kenneth C. Bloom Michael Rosenbaum
Executive VP/Chief Financial Officer 875 N. Michigan
Ave., Chicago, IL 60611
(414) 862-3302 (312) 266-7800
FOR IMMEDIATE RELEASE
GANDER MOUNTAIN CLARIFIES PREVIOUS
STATEMENT ON REORGANIZATION
Wilmot, Wisconsin, December 18, 1996 -- Gander
Mountain, Inc. (Nasdaq Bulletin Board: GNDR),
previously announced that it had received clearance
from the U.S. Bankruptcy Court in Milwaukee to send its
Reorganization Plan, ballots and Disclosure Statement
to creditors and shareholders for review and vote.
The headline of the earlier release, however, may
have been interpreted to indicate that the Court had
approved the Reorganization Plan. In fact, the court
has not acted on the Reorganization Plan and has only
approved the Disclosure Statement.
Gander Mountain, Inc. is a customer-oriented
specialty retailer serving the outdoor recreation
market. The company is recognized as a leader in
providing functional outerwear, footwear and equipment
for the hunting, fishing and camping enthusiast.
For further information on Gander Mountain free of
charge via fax,
dial 1-800-PRO-INFO and enter the number 001.
XXXX
