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
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Date of Report
August 28, 1998
CONCORD ENERGY INCORPORATED
(Exact Name of Registrant as Specified in its charter)
Delaware 2-6806-NY 22-2670198
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1515 Simmons Street, Jourdanton, Texas 78026
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (830) 769-3955
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Item 3. Bankruptcy or Receivership.
On August 27, 1998, Concord Energy Incorporated (the "Company") and its
subsidiary Knight Equipment & Manufacturing Corporation ("KEMCO") filed
voluntary petitions under Chapter 11 of the United States Bankruptcy Code, Case
No. 98-54129-K and 98-54130-K, respectively, in the United States Bankruptcy
Court, Western District of Texas, San Antonio Division, Judge Ronald King
presiding. The Company, as Debtor-in-Possession, will continue to operate and
manage its affairs and attempt to restructure its financial obligations.
A copy of the press release issued by the Company on August 28, 1998,
reporting the Chapter 11 filings and related matters, is filed herewith as
Exhibit 99.1 and incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
The following exhibit is filed as part of this report:
99.1 News Release of Concord Energy Incorporated dated
August 28, 1998.
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<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.
Concord Energy Incorporated
(Registrant)
Dated: August 28, 1998 By: /S/
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Deral Knight,
President, Chief Executive Officer
and Chairman of the Board of Directors
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<PAGE>
EXHIBIT INDEX
Exhibit Page
Number Description Number
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99.1 News Release of Concord Energy 5
Incorporated dated August 28, 1998
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FOR IMMEDIATE RELEASE
CONCORD ENERGY INCORPORATED TO REORGANIZE UNDER CHAPTER 11
JOURDANTON, TX - August 28, 1998: Concord Energy Incorporated (NASDAQ: CODE)
today announced that it and its subsidiary Knight Equipment & Manufacturing
Corporation ("KEMCO") have filed voluntary petitions to reorganize under Chapter
11 of the U.S. Bankruptcy Code in Federal Bankruptcy Court in San Antonio,
Texas.
The Company said that it will continue to operate in the normal course of
business during the bankruptcy proceeding and that it is pursuing alternatives
for debtor-in-possession ("DIP") financing. KEMCO has reached an agreement for
interim DIP financing, subject to court approval, and it is pursuing other
alternatives which may involve the sale of assets of KEMCO as well as other DIP
financing.
Chairman and CEO Deral Knight said that the Board of Directors reviewed
strategic options and determined that a restructuring of the Company in the
context of a Chapter 11 reorganization afforded the Company the best opportunity
to return it to profitability and to provide a maximum recovery for all parties
in interest.
The Company is an integrated oil and gas service company that also has interests
in oil and gas properties. The Company's KEMCO subsidiary designs, reengineers
and markets oil and gas processing equipment. Concord's IPS subsidiary markets a
proprietary information software system that automates and expedites the
dissemination of oil and gas production data.
This press release contains forward-looking statements that involve risks and
uncertainties, including but not limited to, projections of future operating
results, the financial condition of the Company, bankruptcy court approval of
those actions requiring such approval, and other risks detailed from time to
time in the Company's Securities and Exchange Commission filings.
Company Contact: Deral Knight, CEO, (830) 769-3955
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