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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) November 16, 1999.
THE LOEWEN GROUP INC.
(Exact name of registrant as specified in its charter)
British Columbia, Canada 0-18429 98-0121376
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
4126 Norland Avenue, Burnaby, British Columbia V5G 3S8
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code 604-299-9321
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N/A
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(Former name or former address, if changed since last report)
Exhibit Index is on page 3
Page 1 of 4
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ITEM 5. OTHER EVENTS.
Pursuant to Form 8-K, General Instructions F, registrant hereby incorporates by
reference the press release attached hereto as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
Exhibit No. Description
Exhibit 99 The Loewen Group Inc. Press Release dated November
16, 1999.
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.
Dated: November 16, 1999.
THE LOEWEN GROUP INC.
By: /s/ BRADLEY D. STAMP
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Name: Bradley D. Stam
Title: Senior Vice President, Law
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EXHIBIT INDEX
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99 The Loewen Group Inc. 4
Press Release dated November 16, 1999
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THE LOEWEN GROUP INC.
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(NYSE, TSE, ME: LWN)
NEWS
Contact: Sitrick and Company
Michael Kolbenschlag
Linda Press
(310) 788-2850
FOR IMMEDIATE RELEASE
THE LOEWEN GROUP REPORTS DIP WAIVERS EXPIRE
Sufficient Cash Resources Exist to Satisfy Near-Term Obligations and Continue
Operations
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VANCOUVER, BC- November 16, 1999 - THE LOEWEN GROUP INC. (NYSE, TSE, ME: LWN),
one of the largest funeral home and cemetery operators in North America, today
announced that its current waivers for non-compliance with certain financial
covenants in its $200 million debtors-in- possession ("DIP") financing have
expired. As previously announced, the Company is currently proceeding with the
cooperation of its DIP lenders to reset the covenants of the DIP facility in
line with its current business results. It is anticipated that the new covenants
would be effective through the first quarter of 2000.
As at November 15, 1999, the borrowings under the DIP facility were $10.0
million and the letters of credit outstanding were $17.3 million. Although the
Company can not currently borrow under the DIP Facility until the amendment is
obtained, the Company currently believes that sufficient cash resources exist to
satisfy its near-term obligations and does not anticipate any interruption in
its operations.
Based in Vancouver, The Loewen Group Inc. owns or operates more than 1,100
funeral homes and more than 400 cemeteries across the United States, Canada, and
the United Kingdom. The Company employs approximately 13,000 people and derives
approximately 90 percent of its revenue from its US operations.
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Safe Harbor: Certain statements contained in this press release, including but
not limited to information regarding the future economic performance and
financial condition of the Company, the plans and objectives of the Company's
management and the Company's assumptions regarding such performance and plans,
are forward-looking in nature. Additional information concerning important
factors that could cause actual results to differ from the forward-looking
information contained in this release is included in the Company's publicly
filed quarterly and annual reports.
