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):
November 28, 2000
U.S. TRUCKING,INC.
(Exact name of Registrant as specified in its Charter)
Colorado 33-9640-LA 68-0133692
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(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification
Number)
550 Long Point Road
Mt. Pleasant, South Carolina 29464
(Address of principal executive office) (Zip Code)
Registrant's telephone number including area code: (843) 972-2055
Not Applicable
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(Former name and former address, as changed since last report)
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Item 3. Other Events
On November 30, 2000, UST Logistics, Inc., Mencor, Inc., Prostar, Inc.
and Gulf Northern Transport, Inc., U.S. Trucking, Inc.'s four operating
subsidiaries filed a petition for dissolution under Chapter 11 of the Bankruptcy
Code in the United States Bankruptcy Court, Middle District of Florida,
Jacksonville Division. The cases have been consolidated by the court. The lead
case is In The Matter of Gulf Northern Transport, Inc.; docket number
00-9224-3F1.
On November 28, 2000 the company, its subsidiaries and certain
affiliates entered into a Restructure Agreement (the "Agreement") with GE
Capital Corporation ("GECC") restructuring the balance of the company's
obligations to GECC in connection with its accounts receivable line of credit
and with GE Capital Commercial Equipment Funding in connection with an equipment
loan. The respective loan balances have been consolidated into a single Term
Note with a principal balance of $22,235,000, which amount is expected to be
substantially reduced by the sale in the next three months of subsidiary
accounts receivable and equipment collateralizing the loans. The loan is to be
repaid over a three year term with a five year amortization schedule and a
bullet payment on December 1, 2003 of the balance. The note bears interest at
the 30-day dealer placed commercial paper rate (as published in the Wall Street
Journal), plus 4.5%. Interest for the first year will be accrued and applied to
the principal balance.
Under the Agreement the company is required to pay to GECC 1.5% of the
gross revenues from its trucking business and 5% of the gross revenues from
non-trucking business towards payment of the Note, which amounts will be applied
to the amortization payments. Additionally, 35% of net income before taxes from
the company's businesses must be paid on a quarterly basis in repayment of the
Note, along with certain payments in the event of a profitable sale of a Company
owned business.
The Note is secured by the company's assets and by guaranties of
various affiliates of the Company.
Item 7(c). Exhibits
99.1. Press Release dated December 1, 2000.
99.2. Restructure Agreement
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
U.S. TRUCKING, INC.
Dated: December 1, 2000 By:/s/ Danny L. Pixler
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Name: Danny L. Pixler
Title: President
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Exhibit Index
No. Exhibit
99.1. Press Release dated December 1, 2000.
99.2. Restructure Agreement
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COMMISSION FILE NUMBER 33-9640-LA
