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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) July 7, 1997
Montgomery Ward Holding Corp.
(Exact name of registrant as specified in its charter)
Delaware 0-17540 36-3571585
(State or other (Commission File (IRS Employer
Jurisdiction of Number) Identification
incorporation) Number)
Montgomery Ward Plaza, Chicago, Illinois 60671
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 467-2000
(Former name or former address, if changed since last report)
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Item 3. Bankruptcy or Receivership.
On July 7, 1997 Montgomery Ward Holding Corp. ("MW Holding" or the
"Company") and certain of its U.S. subsidiaries, filed petitions for
reorganization under Chapter 11 of the Bankruptcy Code in the United States
Bankruptcy Court for the District of Delaware. These related proceedings are
being jointly administered under the caption "In re Montgomery Ward Holding
Corp., a Delaware corporation, et. al.", Case No. 97-1409 (PJW). MW Holding's
debtor retail merchandising subsidiaries include Montgomery Ward & Co.,
Incorporated, an Illinois corporation ("Montgomery Ward"), and Lechmere, Inc., a
Massachusetts corporation ("Lechmere"). The following subsidiaries of
MW Holdings were not included in the bankruptcy filings: Signature
Financial/Marketing, Inc., and its subsidiaries, which are engaged in direct
response marketing (including insurance); Marinco Insurance U.S.A., Inc. and
Montgomery Ward Foundation.
After a long period of negotiation, Montgomery Ward was unable to reach an
out-of-court settlement with its lenders. Accordingly, the Company filed the
bankruptcy petition in order to obtain an opportunity to reorganize and begin
implementing its strategies while Montgomery Ward works to restructure its
indebtedness. General Electric Capital Corporation has agreed to provide up to
$1 billion in "debtor-in-possession" financing to Montgomery Ward and Lechmere,
$300 million of which they are currently authorized to draw by the court. A
hearing has been set for July 31, 1997 for final approval of the
debtor-in-possession financing. MW Holding expects to reorganize its affairs
under the protection of Chapter 11 and to propose and have confirmed a Chapter
11 plan of reorganization for itself and the other filing subsidiaries,
including Montgomery Ward.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
issuer has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MONTGOMERY WARD HOLDING CORP.
July , 1997 By:
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John L. Workman
Executive Vice President and
Chief Financial Officer
