UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Sections 13 and 15(d) of
the Securities Exchange Act of 1934
May 14, 1999
Date of Report (Date of earliest event reported)
SA TELECOMMUNICATIONS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 0-18048 75-2258519
(State Of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
1600 Promenade Center, 15th Floor
Richardson, TX 75080
(Address of Principal Executive Office)
(972) 690-5888
(Registrant's Telephone Number, Including Area Code)
(Not Applicable)
(Former Name or Former Address,
if Changed Since Last Report)
<PAGE>
ITEM 5. OTHER EVENTS
As previously reported, SA Telecommunications, Inc. and its
subsidiaries (collectively, the "Company") filed petitions for relief under
Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the
United States Bankruptcy Court for the District of Delaware (the "Bankruptcy
Court") (Cases No. 97-2395 through 97-2401). Since that date, the Company has
continued as a debtor-in-possession pursuant to the Bankruptcy Code.
On May 14, 1999, the Company filed a press release announcing the
filing of its Chapter 11 Liquidating Plan and a draft of the associated
Disclosure Statement. A copy of the press release is attached hereto as Exhibit
20.1, and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits:
20.1 Press Release of SA Telecommunications, Inc. dated May 14,
1999
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.
SA TELECOMMUNICATIONS, INC.
DATE: May 14, 1999 By: /s/ Albert B. Gordon, Jr.
-------------------------
Albert B. Gordon, Jr.
Chief Executive Officer
SA TELECOMMUNICATIONS ANNOUNCES
FILING OF JOINT CHAPTER 11 LIQUIDATING PLAN
Richardson, Texas, May 14, 1999 - SA Telecommunications, Inc. ("STEL")
announced today that it and certain of its subsidiaries (collectively, the
"Debtors") have filed their Joint Chapter 11 Liquidating Plan (the "Plan") and a
draft of the associated Disclosure Statement with the United States Bankruptcy
Court for the District of Delaware.
Under the Plan, the Debtors, which no longer operate, will liquidate
their assets, substantially all of which consist of cash and shares of common
stock of EqualNet Communications Corp. (f/k/a EqualNet Holding Corp.), and will
distribute the proceeds thereof to creditors in accordance with the priority
provisions of the Bankruptcy Code. Pursuant to the terms of the Plan, all
interests of holders of STEL preferred stock and STEL common stock will be
canceled on the Effective Date of the Plan and the holders thereof will neither
receive nor retain any property under the Plan. Furthermore, it is unclear at
this time what, if any, distribution will be made under the Plan to holders of
general unsecured claims against the Debtors.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS AND AS SUCH
INVOLVES KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES AND OTHER FACTORS THAT MAY
CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE
MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS.
