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.
January 27, 1998
Date of Report
(Date of earliest event reported)
INTERLINE RESOURCES CORPORATION
(Exact name of Registrant as specified in its charter)
Utah 0-18995 87-0461653
State of Commission File No. IRS Employer
Incorporation Identification No.
160 West Canyon Crest
Alpine, UT 84004
(Address of principal executive offices)
(801) 756-3031
(Registrant's telephone number)
1
<PAGE>
Item 5.Other Events
Interline Resources Corporation ("Interline") is a debtor in possession in
a Chapter 11 Bankruptcy proceeding (Bankruptcy No. 97C-26571, United States
Bankruptcy Court for the District of Utah). On January 27, 1998, the Court
approved a "Joint Motion for Approval of Settlement Agreement filed by Interline
Resources Corporation ("Interline") and Genesis Petroleum, Inc. ("Genesis").
Interline and Genesis have been joint venturers in a used oil refinery located
in Woods Cross, Utah. The Court's approval of the Settlement Agreement and
Mutual Release (the "Agreement") will result in, among other things, the
following:
1 The litigation between Interline and Genesis has been terminated;
2. Interline has paid Genesis the sum of $750,000;
3. Interline has granted Genesis a license to operate three additional used
oil refinery plants using the Interline used oil refinery technology
without the payment of any royalties or other payments to Interline;
4. Interline has transferred all of its rights in the joint venture and in the
Woods Cross used oil refinery plant, and related assets, to Genesis;
5. Interline will continue to have limited access rights to the Woods Cross
refinery;
6. Genesis will transfer to Interline 100,000 shares of Interline common stock
owned by Genesis;
7 All previous agreements between the parties have been terminated; and
8. The parties will indemnify each other from various actions.
On January 23, 1998, Interline filed a Plan of Reorganization and
Disclosure Statement with the Bankruptcy Court. A hearing on the Plan is set for
March 4, 1998.
Interline continues with marketing efforts for its used oil refinery
technology and continues to operate its oil and gas division in Wyoming
2
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Dated: February 17, 1998
INTERLINE RESOURCES CORPORATION
By /s/ Michael R. Williams
Michael R. Williams
President
Chief Executive Officer
3
