SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Act of 1934
Date of Report (Date of earliest event reported): May 2, 2000
Leak-X Environmental Corporation
(Exact name of registrant as specified in its charter)
Delaware 0-17776 23-2823596
(State or other
jurisdiction of
incorporation) (Commission File Number) (IRS Employer Identification No.)
790 East Market Street, Suite 270, West Chester, Pennsylvania 19382
(Address of principal executive offices) (zip code)
Registrant's Telephone Number, including Area Code: (610) 344-3380
N/A
(Former name or former address, if changed since last report)
Item 3. Bankruptcy or Receivership
On May 2, 2000, Leak-X Environmental Corporation's ("Leak-
X"'s) sole operating subsidiary, Lexicon Environmental Associates,
Inc. ("Lexicon") filed a voluntary petition for Chapter 11
Reorganization in the United States Bankruptcy Court of the
Southern District of New York. This action was taken in response
to a judgement which was filed by the Company's secured lender,
First Union National Bank ("First Union"). First Union obtained a
judgement against Lexicon and Leak-X, as guarantor, for a total of
approximately $454,000, including interest and legal fees pursuant
to the May 10, 1999 Loan Agreement between Lexicon and First Union.
Leak-X and Lexicon are in default under the Loan Agreement with
First Union. Lexicon had been in the process of trying to
negotiate a settlement with First Union when they received notice
of this judgement. Lexicon intends to continue to operate its
business as a Debtor-In-Possession pursuant to the applicable
provisions of the Bankruptcy Code.
SIGNATURE
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.
LEAK-X ENVIRONMENTAL CORPORATION
(Registrant)
Dated: May 4, 2000
By: /s/ Joyce A. Rizzo
Name: Joyce A. Rizzo
Title: Chief Executive Officer
