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): August 10, 1997
GUY F. ATKINSON COMPANY OF CALIFORNIA
(Exact name of registrant as specified in its charter)
DELAWARE 0-3062 94-1649018
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1001 Bayhill Drive, San Bruno, California 94066
(Address of principal executive offices) (zip code)
(415) 876-1000
Registrants' telephone number, including area code
-1-
<PAGE>
Item 3. Bankruptcy or Receivership
See press release.
Item 4. Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
99.1 Press release dated August 11, 1997 announcing
commencement of Chapter 11 case by the Company.
-2-
<PAGE>
August 11, 1997 FOR IMMEDIATE RELEASE
ATKINSON COMMENCES CHAPTER 11 CASE
FROM: ATKINSON
1001 Bayhill Drive, 2nd Floor
San Bruno, CA 94066
CONTACT: Jim Stevens, Vice President, Administration
(415) 876-1681
SAN BRUNO, CALIFORNIA, August 11, 1997, Guy F. Atkinson Company of California
(ATKN:NASDAQ/NMS) today announced that it has filed a petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code. The action was
filed August 10, 1997 in the United States Bankruptcy Court for the Northern
District of California.
The Company's bank lines of credit totaling $55 million matured on June
30, 1997. The Company has been unsuccessful in negotiating with its banks for
the renewal of the credit lines and to obtain additional financing.
"As a result of the discussions with our banking syndicate and after
considering other alternatives, we concluded that Chapter 11 provided the most
favorable approach for the Company and its stockholders and creditors," said
Jack J. Agresti, President and Chief Executive Officer of the Company. "The
filing should allow us to use existing cash to continue to operate our business
while we pursue alternative sources of financing or a possible merger or other
business combination."
The Company said that its wholly owned subsidiaries, Guy F. Atkinson
Company, a Nevada corporation, and Guy F. Atkinson Holdings, a Canadian
corporation, through which it conducts substantially all of its construction
operations, also filed Chapter 11 petitions.
Atkinson operates both domestically and internationally providing full
service construction to private and public markets for power, infrastructure,
industrial processes, pulp and paper, mining, and water and wastewater
treatment.
# # # # #
