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, 1995
SMITH CORONA CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-10281 51-0286862
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
65 Locust Avenue, New Canaan, Connecticut 06840
(Address of principal executive offices) (zip code)
(203) 972-1471
(Registrant's telephone number, including area code)
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Item 5. Other Events
On June 9, 1995, Smith Corona Corporation (the "Company")
issued a press release announcing that it is in technical default
of its Credit Agreement as a result of the restructuring charge
announced May 8, 1995 and that it is continuing to negotiate with
its lenders an acceptable amendment to such Credit Agreement but
that there is no assurance that it will successfully do so.
On June 13, 1995, the Company issued a press release
announcing that two members of its Board of Directors will be
replaced as a result of the demerger of U.S. Industries, Inc. from
Hanson PLC. Mark A. Alexander, Senior Vice President, Corporate
Development of Hanson Industries, and John E. Lushefski, Senior
Vice President and Chief Financial Officer of Hanson Industries,
will replace David H. Clarke and John G. Raos, Chairman and CEO and
President and COO of U.S. Industries, Inc., respectively, who
resigned effective June 8, 1995.
Robert Van Buren, Chairman and Chief Executive Officer of the
Company, has been elected President, succeeding William D.
Henderson, who involuntarily resigned from such position and from
the Company's Board of Directors effective June 3, 1995 as a result
of the corporate restructuring it announced on May 8, 1995.
A copy of the News Releases are attached hereto as Exhibits
99.1 and 99.2 and are incorporated herein by reference.
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
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99.1 News Release
99.2 News Release
<PAGE>
SIGNATURE
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.
Date: June 19, 1995 SMITH CORONA CORPORATION
By: /S/ John A. Piontkowski
John A. Piontkowski
Vice President - Finance
& Controller
EXHIBIT 99.1
NEWS
RELEASE
Contact: Lisa Capone
Smith Corona Corporation
(203) 972-1471
FOR IMMEDIATE RELEASE
SMITH CORONA ANNOUNCES TECHNICAL DEFAULT AND THAT BANK
NEGOTIATIONS CONTINUE
NEW CANAAN, CT, June 9, 1995 -- Smith Corona Corporation
(NYSE:SCO) today announced it is in technical default of its
Credit Agreement as a result of the restructuring charge
announced May 8, 1995. Although it is continuing to negotiate an
acceptable amendment, there is no assurance that it will
successfully do so.
Smith Corona, based in New Canaan, Connecticut, is a leading
marketer worldwide of a full range of small office and home
office products, including personal word processors, portable
electronic typewriters, facsimile machines and other office
products.
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EXHIBIT 99.2
NEWS
RELEASE
Contact: Theodore Lowen
Manning, Selvage & Lee
(212) 213-7076
FOR IMMEDIATE RELEASE
SMITH CORONA CORPORATION ANNOUNCES BOARD AND MANAGEMENT CHANGES
NEW CANAAN, CT, June 13, 1995 -- Smith Corona Corporation
(NYSE:SC0) announced today that two members of its board of
directors will be replaced as a result of the demerger of U.S.
Industries, Inc. from Hanson PLC. Pursuant to the Stockholders
Agreement, Hanson Natural Resources Company has designated Mark
A. Alexander, Senior Vice President, Corporate Development of
Hanson Industries and John E. Lushefski, Senior Vice President
and Chief Financial Officer of Hanson Industries to replace David
H. Clarke and John G. Raos, Chairman and CEO and President and
COO of U.S. Industries, Inc., respectively, who resigned
effective June 8, 1995.
Smith Corona Corporation also announced that its President,
William D. Henderson, has resigned from the Company and the Board
of Directors effective June 3, 1995 as a result of the corporate
restructuring it announced on May 8, 1995. He will remain
available to the Company as a consultant for up to one year. Mr.
Robert Van Buren, Chairman and Chief Executive Officer, has been
elected President of the Company in addition to his other
positions.
Smith Corona, based in New Canaan, Connecticut, is a leading
marketer worldwide of a full range of small office and home
office products, including personal word processors, portable
electronic typewriters, facsimile machines and other office
products.
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