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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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 31, 1997
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ANDOVER TOGS, INC.
(Exact Name of Registrant as Specified in Its Charter)
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DELAWARE 0-14674 13-5677957
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(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Identification Number)
Incorporation or Organization)
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1333 BROADWAY
NEW YORK, NEW YORK 10018
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code 212-244-0700
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On January 31, 1997, the Registrant, Andover Togs, Inc., filed a Joint
Plan of Reorganization (the "Plan"), together with its wholly-owned
subsidiaries, Springdale Fashions, Inc., Tortoni Manufacturing Corp., and
Stonehedge Financial Corp., as well as a Disclosure Statement relating to the
Plan. A hearing has been scheduled by the Bankruptcy Court for February 27, 1997
to consider the adequacy of the Disclosure Statement. Once approved, the
Disclosure Statement, together with the Plan, will be sent to all of the
Registrant's creditors and other parties in interest for purposes of voting on
the Plan.
The Registrant's Chapter 11 Bankruptcy Proceeding is pending in the
United States District Court for the Southern District of New York, Case No. 96
B 41437 (TLB).
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit No. Description
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99(a) Press Release dated February 5, 1997
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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.
ANDOVER TOGS, INC.
(Registrant)
February 5, 1997 By: /s/ William L. Cohen
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William L. Cohen,
Chairman, President and Chief
Executive Officer
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Contact: William L. Cohen
Chairman, President and
Chief Executive Officer
(212) 244-0700
FOR IMMEDIATE RELEASE
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NEW YORK, NEW YORK, February 5, 1997 - ANDOVER TOGS, INC. and its
subsidiaries announced today that they have filed a Joint Plan of Reorganization
and a proposed Disclosure Statement relating to the Plan. The Plan is supported
by Andover's Official Committee of Unsecured Creditors which has recommended
that holders of general unsecured claims vote to accept the Plan.
Under the Plan, the Company will pay 100% of the principal amount of
allowed general unsecured claims over a five year period, with interest. The
Plan is subject to the approval of the Bankruptcy Court and a vote by the
Company's creditors. In addition, a condition of the Plan is that the Company
must resolve unsecured claims so that they do not exceed $5.5 million in the
aggregate.
A hearing has been scheduled by the Bankruptcy Court for February 27, 1997
to consider the adequacy of the Disclosure Statement. Andover anticipates that a
hearing to confirm the Plan will be held in April 1997.
Andover Togs, Inc. designs, manufactures and distributes children's wear.
It filed a petition under Chapter 11 of the Federal Bankruptcy Code in March
1996.
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