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 3, 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 4, 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 4, 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: June 5, 1997 By: /s/ Bradley S. Vallem
Its: AVP & Treasurer
FOR IMMEDIATE RELEASE
CONTACT:
KATE CONNELLY OR JOE KOPEC
THE DILENSCHNEIDER GROUP
312-553-0700
MERCURY FINANCE CLOSES SALE OF LYNDON INSURANCE UNIT
CHICAGO, June 4 -- Mercury Finance Company (NYSE:MFN) announced today that
it has completed the regulatory approval process and closed on the sale of its
Lyndon Insurance Group subsidiary to Frontier Insurance Group, Inc. The sale
price was $92 million in cash.
As previously disclosed on April 23, the company will report a net book
loss on the sale of $25 million. Mercury acquired Lyndon in 1995 from ITT for
$72.5 million and subsequently merged its other insurance operations with it.
Company officials said that Mercury will continue to offer insurance
products to its consumer finance customers through arrangements that it has
established with various insurers.
Separately, Mercury announced that work continues on the audit and
restatement of prior years' financial results. The process has been prolonged
and made somewhat more complex by the need to reconcile and coordinate the
analysis of the two auditing firms, Arthur Andersen LLP, for the 1996 accounting
records, and KPMG Peat Marwick, for the earlier years. The company's estimate
of shareholders' equity as of December 31, 1996, remains substantially in
accordance with the estimated range of $138 million to $145 million previously
released on April 23.
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