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) June 11, 1997
Mercury Finance Company
(Exact name of registrant as specified in charter)
Delaware 1-10176 36-3627010
(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 Field Drive, Lake Forest, Illinois 60045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 295-8600
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events.
On June 11, 1997, the registrant issued a press release, a copy of which is
attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description of Document
99.1 Press release dated June 11, 1997, issued by the
registrant.
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.
Mercury Finance Company
Date: 12 JUNE, 1997 By: /s/ William A. Brandt, Jr.
Its: PRESIDENT
FOR IMMEDIATE RELEASE: Contact: Joe Kopec
The Dilenschneider Group
312-553-0700
MERCURY FINANCE COMPANY UPDATES STATUS OF FINANCES
CHICAGO, June 11 --- Mercury Finance Company (NYSE: MFN) management said
today that Bank of America has agreed to extend its $50 million credit facility
through January 6, 1998 subject to the same terms and conditions as the existing
agreement, including the extension of creditor waivers. The waivers, which
expired June 10, enable the company to pledge assets to collateralize the Bank
of America loan. The company continues negotiations to obtain extensions of
creditor waivers.
No funds are currently outstanding to Bank of America under the credit
facility and none have been outstanding since the line was repaid in May.
Mercury management said that the company's cash flow position is positive and
the company does not anticipate the need to borrow any funds at the current time
or in the near future.
"In fact, we never utilized more than $10 million of the line for
operational purposes," said William A. Brandt, Jr., president and chief
executive officer. "Indeed, we have been able to pay expenses from cash flow
including interest on all of our indebtedness."
Company management remains committed to a timely completion of Mercury's
1996 audit of the financial statements as early as possible, and in line with
estimates released in April. The first quarter 1997 financial results should be
released soon thereafter.
