LANXIDE CORP
8-K, 1999-01-22
STRUCTURAL CLAY PRODUCTS
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                                    FORM 8-K
  
                       SECURITIES AND EXCHANGE COMMISSION
  
                              Washington, DC  20549
  
                                 CURRENT REPORT
  
                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934
  
                        Date of Report:  January 15, 1999
                        (Date of earliest event reported)
   
  
                              LANXIDE CORPORATION
              -----------------------------------------------------
             (Exact name of registrant as specified in its charter)


          DELAWARE                       0-16293            51-0270253
          --------                       -------            ----------
 (State or other jurisdiction  (Commission File Number)   (IRS Employer  
                                                        Identification Number) 
                                                                             
                           -----------------------------
  
                                1300 MARROWS ROAD
                         NEWARK, DELAWARE  19714-6077
                                 302) 456-6200
  
 (Address including zip code, and telephone number including area code of
                    registrants' principal executive offices)


 Item 3.   Bankruptcy or Receivership. 
  
           On January 15, 1999, Lanxide Corporation, a Delaware corporation
 (the "Company"), issued a press release announcing that it had filed for
 bankruptcy relief under Chapter 7 of Title 11 of the United States Code
 which will result in a complete liquidation of the Company.  The Company's
 petition for relief was filed on January 15, 1999 in the United States
 Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") in a
 case captioned In re: Lanxide Corporation, Case No. 99-91.  The Bankruptcy
 Court assumed jurisdiction over the matter on that date.  On January 19,
 1999, Montague Claybrook was appointed by the Bankruptcy Court to act as
 the trustee responsible for the liquidation of the Company's assets. 
  
           A copy of the January 15, 1999 press release is attached hereto
 as Exhibit 99.1 and is incorporated herein by reference. 
  
 Item 7.   Financial Statements and Exhibits. 
  
      (a)  Not Applicable 
  
      (b)  Not Applicable 
  
      (c)  Exhibits: 
  
      99.1      Press release dated January 15, 1999 
  

                                 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. 
  
  
                          LANXIDE CORPORATION 
  
  
                          By: /s/ Montague Claybrook  
                             --------------------------------
                             Montague Claybrook 
                             Trustee 
  
  
 Date:  January 22, 1999 



                             INDEX TO EXHIBITS 
  
      Exhibit 
      Number                   Exhibit 
  
      99.1      Press release dated January 15, 1999






                                                               EXHIBIT 99.1 
  
                  LANXIDE FILES CHAPTER 7 BANKRUPTCY PETITION
  
 NEWARK, DELAWARE.  January 15, 1999   Lanxide Corporation (OTC Bulletin
 Board:  LNXI) announced that it has filed a petition under Chapter 7 of the
 U.S. Bankruptcy Code with U.S. Bankruptcy Court for the District of
 Delaware.  On January 6, the Company was forced to lay-off its employees
 and cease operations due to a lack of sufficient funds to operate.  The
 Company elected to file voluntarily so as to preserve the value of its
 estate for its creditors and shareholders.  There are approximately 19
 corporations currently using Lanxide's technology pursuant to license
 agreements. 
  
 Prior to filing bankruptcy, the Company filed its Form 10-K Report for the
 fiscal year ended September 30, 1998.  As of that date, the Company had
 assets of $2.5 Million and liabilities of $12.1 million. 
  
 A bankruptcy trustee has not yet been appointed in the bankruptcy case. 
 Bankruptcy counsel is The Bayard Firm in Wilmington, Delaware.  Attorney
 Scott Cousins is handling the case for the Company and can be reached at
 (302) 655-5000.





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