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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 12, 1996 (November
1, 1996)
COMPTRONIX CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-17743 63-0860282
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(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
Three Maryland Farms, Suite 140, Nashville, Tennessee 37027
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (615) 377-3330
Not Applicable
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(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets.
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On November 1, 1996, Comptronix Corporation (the "Company") consummated
the previously reported sale of substantially all of its assets to Sanmina
Corporation ("Sanmina"), pursuant to an Asset Purchase Agreement. The proceeds
from the sale and cash on hand totaled $19.4 million. Approximately $14.3
million of such amounts was used to repay the secured creditors of the Company,
and the balance (after payment of expenses) will be used to pay the claims of
unsecured creditors, including holders of the Company's convertible subordinated
debentures, at the rate of approximately ten cents to twelve cents on the
dollar, upon consummation of a plan in the Company's bankruptcy case.
The consideration for the sale of assets was determined through
arm's-length negotiations between the parties, and the sale was approved by the
U.S. Bankruptcy Court.
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Item 7. Exhibits.
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(a) Exhibits
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99 Press Release
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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.
COMPTRONIX CORPORATION
Date: November 12, 1996 By: /s/ E. Townes Duncan
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E. Townes Duncan
Chairman of the Board
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EXHIBIT INDEX
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No. Exhibit
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99 Press Release
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EXHIBIT 99
Contact: E. Townes Duncan NEWS RELEASE
Chief Executive Officer
(205) 582-1810
COMPTRONIX CORPORATION ANNOUNCES
CONSUMMATION OF SALE OF SUBSTANTIALLY ALL ASSETS
BRENTWOOD, Tenn. (November 4, 1996) -- Comptronix Corporation today announced
that it has consummated the sale of substantially all its assets to Sanmina
Corporation. As previously reported, proceeds of the sale were used in part to
repay all of the Company's outstanding secured indebtedness. The balance of
the proceeds will be available for distribution to the Company's unsecured
creditors as part of the Company's bankruptcy plan. It is currently estimated
that unsecured creditors, including holders of the Company's convertible
subordinated debentures, will receive approximately ten cents to twelve cents
on the dollar for their claims. Holders of the Company's equity securities
will not receive any value in the bankruptcy plan.
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