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 18, 1998
Mercury Finance Company
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(Exact name of registrant as specified in charter)
Delaware 1-10176 36-3627010
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(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 Field Drive, Lake Forest, Illinois 60045
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 295-8600
N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On November 18, 1998, the Registrant issued a press release, a copy of
which is attached hereto 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
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99.1 Press release dated November 18, 1998
issued by the Registrant.
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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.
Mercury Finance Company
Date: November 24, 1998 By: /s/ William A. Brandt,Jr.
Its: President/CEO
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Exhibit 99.1
Mercury Finance Appoints Harshfield as Consultant
Financial Executive to Become Permanent CEO
CHICAGO, Nov. 18/PRNewswire/ -- Mercury Finance Company (OTC Bulletin
Board: MFNNQ) today announced that Edward G. Harshfield has agreed to become a
consultant to Mercury while the Company pursues its plan of reorganization in
the federal bankruptcy court. With the approval of the court and upon judicial
confirmation of the plan, Harshfield is expected to be named to the position of
chief executive officer of the reorganized company.
"We are delighted that Ed Harshfield has agreed to join the Company,"
said William A. Brandt, Jr., president and chief executive officer of Mercury.
"It has always been our intention to recruit permanent top management for
Mercury to lead the Company in its emergence from the Chapter 11 process. His
track record of successfully restructuring large financial services companies
makes him an excellent choice to lead Mercury on a permanent basis."
Harshfield comes to Mercury from the California Federal Bank, where as
chief executive officer he led the turnaround of the bank and its subsequent
merger. He previously served as president and chief executive officer of First
City Texas National Bank. Earlier in his career, he was president and chief
executive officer of Household Financial Services and held senior positions with
Citicorp, Pepsico and Ford Motor Credit.
"I am pleased to join Mercury Finance and look forward to leading the
Company in its recovery and return as a premier lender in the automobile finance
industry," said Harshfield.
Mercury's selection of Harshfield has the support of the Company's board
of directors and its senior lenders, who stand to become the controlling
shareholders under the terms of the proposed restructuring plan. Harshfield's
engagement commences immediately.
"SAFE HARBOR" Statement under the Securities Litigation Reform Act of
1995: This news release contains certain forward-looking statements pertaining
to the outcome of the company's agreement with certain lenders and other
interested parties, the outcome of a Chapter 11 case filed in the bankruptcy
court, future operations and other matters. These statements are subject to
uncertainties and other factors. Should one or more of these uncertainties or
other factors materialize, or should underlying assumptions prove incorrect,
actual events or results may vary materially from those anticipated. Such
uncertainties and other factors include the outcome of negotiations with the
company's lenders and other interested parties with respect to the plan of
reorganization and other documents related thereto, approval by the bankruptcy
court, objections of third parties, as well as the company's ability to acquire
finance receivables on terms it deems acceptable, changes in the quality of
finance receivables, trends in the automobile and finance industries, and
general economic conditions. The company undertakes no obligation to update any
such factor or to publicly announce the results of any revisions to any
forward-looking statements contained herein to reflect future events or
developments.
SOURCE Mercury Finance Company
CONTACT: Jim Fitzpatrick of The Dilenschneider Group, 312-553-0700, for
Mercury Finance Company
