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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) January 24, 2000.
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)
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Registrant's telephone number, including area code 604-299-9321
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 5
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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.
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Exhibit No. Description
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Exhibit 99 The Loewen Group Inc. Press Release dated January 24, 2000.
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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: January 24, 2000.
THE LOEWEN GROUP INC.
By: /s/ BRADLEY D. STAM
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Name: Bradley D. Stam
Title: Senior Vice President, Law
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EXHIBIT INDEX
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Sequential
Number Exhibit Page Number
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99 The Loewen Group Inc. 4
Press Release dated January 24, 2000
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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 ANNOUNCES COURT APPROVAL OF ASSET DISPOSITION PROGRAM
Clarification regarding NYSE listing
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VANCOUVER, BC January 24, 2000 THE LOEWEN GROUP INC. (NYSE, TSE: LWN), today
announced that the United States Bankruptcy Court for the District of Delaware
has approved the Company's proposed bid procedures to be followed in connection
with its previously-announced program for disposition of non-strategic assets.
Through this program the Company intends to sell up to 371 of the approximately
1,300 funeral home and cemetery locations at which the Company does business in
the United States. Although many of the properties being made available for sale
have good track records and well-established reputations in their communities,
the Company has determined that they do not fit into Loewen's long-range
business plans--in many cases because their geographic locations do not permit
the properties to realize synergies with other Loewen funeral homes and
cemeteries.
During the past two weeks, the Company, through its financial advisors
Wasserstein Perella & Co., has been distributing packages of information on the
for-sale properties to interested parties who have signed confidentiality
agreements. February 7, 2000, has been set as the date by which parties
interested in bidding must submit letters of intent identifying the properties
which they wish to purchase and stating, subject to further due diligence, the
prices that they would be prepared to pay for those assets. In the course of the
asset disposition program, the Company will consider all qualified bids, whether
for geographic groups of properties or for single locations, with the objective
of maximizing the total value received for assets.
In an unrelated announcement, the Company also advised that it now expects that
the New York Stock Exchange will not begin the process of delisting the
Company's shares before February 25, 2000. Based upon previous communications
from the NYSE, the Company had previously announced that, due to continued
trading of the Company's shares at prices below the Exchange's $1 per share
standard, trading on the NYSE could be suspended and the delisting process begun
as early as January 25, 2000.
Based in Vancouver, The Loewen Group Inc. owns or operates more than 1,100
funeral homes
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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.
