SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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) June 29, 1998
GEOTEK COMMUNICATIONS, INC.
(Exact name of registrant as specified in charter)
Delaware 0-17581 22-2358635
(State of other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
102 Chestnut Ridge Road, Montvale, New Jersey 07645
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 201-930-9305
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On June 29, 1998, Geotek Communications, Inc. (the "Company") issued a
press release announcing that the Company and its domestic subsidiaries have
filed voluntary petitions seeking protection under Chapter 11 of the U.S.
Bankruptcy Code. The filing, together with $10.0 million in debtor-in-possession
financing, will enable the Company to conduct its business while it attempts to
negotiate a plan to reorganize with its major creditors and seek additional
capital; or, in the alternative, to find a strategic buyer for its business. A
copy of the press release is attached hereto as Exhibit 99 and incorporated
herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits.
(99) Press Release dated June 29, 1998
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GEOTEK COMMUNICATIONS, INC.
Date: June 29, 1998 By: /s/ Robert Vecsler
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Name: Robert Vecsler
Title Secretary and General Counsel
[GRAPHIC OMITTED] Contact: R. Miller, Treasurer (201) 930-9305
GEOTEK COMMUNICATIONS FILES FOR VOLUNTARY CHAPTER 11, OBTAINS
$10.0 MILLION IN POST-PETITION FINANCING FOR CONTINUING OPERATIONS
Montvale, New Jersey - June 29, 1998 - Geotek Communications, Inc.
(NASDAQ: GOTK) (Pacific: GEO), provider of mobile logistics systems, announced
today that it and its domestic subsidiaries have filed voluntary petitions
seeking protection under Chapter 11 of the Bankruptcy Code. The filing in the
U.S. Bankruptcy Court in Wilmington, Delaware, together with $10.0 million in
debtor-in-possession financing, will enable the Company to conduct its business
while it attempts to negotiate a plan to reorganize with its major creditors and
seek additional capital; or, in the alternative, to find a strategic buyer for
its business. The debtor-in-possession financing agreement was filed with a term
sheet for a Chapter 11 Plan of Reorganization prepared by the
debtor-in-possession lender.
Subject to court approval, Geotek expects to use all operating revenues
from the continued sales of its communication systems and services, in addition
to the $10.0 million debtor-in-possession commitment from S-C Rig Investments
III, L.P., an affiliate of the Soros Group, to fulfill obligations associated
with operating its business. Employees will receive salaries in the normal
manner and benefits programs continue.
Commenting on the announcement, William Spier, recently appointed Chairman
of Geotek, said, "The filing, coupled with the new financing, affords the
Company the opportunity to stabilize its financial situation, restructure its
balance sheet, and reinforce and maximize the underlying value of its business
to attract additional investors or strategic partners."
As of March 31, 1998, Geotek Communications, Inc. had consolidated assets
(unaudited) of approximately $351 million and consolidated liabilities
(unaudited) of approximately $424 million.
Geotek is a provider of mobile logistics systems in the United States.
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