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): July 29, 1996
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)
<PAGE>
Item 5. Other Events
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On July 29, 1996, Smith Corona Corporation ("Smith Corona")
issued a press release announcing that it has received approval
from the U.S. Bankruptcy Court to adjust the scheduled confirmation
of its Plan of Reorganization from Sept. 9 to Oct. 7, 1996.
In addition, on August 7, 1996, Smith Corona reported that it
filed a notice of intent to terminate the company's defined benefit
retirement plans for salaried and hourly U.S. employees with the
Pension Benefit Guaranty Corporation.
Smith Corona filed under Chapter 11 on July 5, 1995, and its
Disclosure Statement was approved on July 16, 1996.
Copies of the press releases are attached hereto as exhibits
99.1 and 99.2, respectively, and incorporated herein by reference.
<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: August 13, 1996 SMITH CORONA CORPORATION
By: /S/ John A. Piontkowski
John A. Piontkowski
Senior Vice President and
Chief Financial Officer
(Principal Financial
Officer)
By: /s/ Martin D. Wilson
Martin D. Wilson
Vice President/Controller
(Principal Accounting Officer)
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
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99.1 News Release
99.2 News Release
EXHIBIT 99.1
News Release
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Sitrick and Company, Inc.
Los Angeles/New York
Contact: Rivian Bell
Sitrick and Company, Inc.
(310) 788-2850 (24 hours)
(800) 686-1910 (pager)
For Immediate Release
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SMITH CORONA LENGTHENS PLAN CONFIRMATION SCHEDULE
New Canaan, Conn. -- July 29, 1996 -- Smith Corona
Corporation reported today that it has received approval from the
U.S. Bankruptcy Court to adjust the scheduled confirmation of its
Plan of Reorganization from Sept. 9 to Oct. 7, 1996.
In its motion, the company indicated that the official
committee representing the unsecured creditors had requested the
change to "allow additional time to resolve certain open claims
and complete other tasks" related to confirmation of the Plan.
The Court approved the following schedule for Smith Corona
events:
- Aug. 16, 1996 - Mailing of notices and solicitation
materials to eligible creditors;
- Sept. 23, 1996 - Administrative claims bar date for claims
that occurred on or before Aug. 16, 1996;
- Sept. 23, 1996 (4:30 p.m., Prevailing Eastern Time) -
Deadline for receipt of all ballots;
- Oct. 7, 1996 (2:00 p.m., Prevailing Eastern Time) -
Confirmation hearing in Wilmington, Del.
Smith Corona is a leading worldwide manufacturer and
marketer of personal word processors, portable electric
typewriters, label printers, and other products and accessories
for use in the office, home and school. The company filed under
Chapter 11 of the U.S. Bankruptcy Code on July 5, 1995, and its
Disclosure Statement was approved on July 16, 1996.
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EXHIBIT 99.2
News Release
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Sitrick and Company, Inc.
Los Angeles/New York
Contact: Rivian Bell
Sitrick and Company, Inc.
(310) 788-2850 (24 hours)
(800) 686-1910 (pager)
For Immediate Release
- ---------------------
SMITH CORONA REQUESTS TERMINATION OF PENSION PLANS
New Canaan, Conn. -- August 7, 1996 -- Smith Corona
Corporation today filed a notice of intent to terminate the
company's defined benefit retirement plans for salaried and
hourly U.S. employees with the Pension Benefit Guaranty
Corporation, the government agency that guarantees and
administers such plans. The company's 401(k) defined
contribution plan will continue without interruption.
"Until recently, we believed that we would be able to
continue the defined benefit retirement plans when the company
emerges from Chapter 11 in October," stated Ronald F. Stengel,
president and chief executive officer of Smith Corona. "However,
it now appears that termination of the Plans will be necessary to
ensure the success of the reorganization."
Fully vested employees, who account for more than 250 of the
approximately 300 U.S. employees, will continue to accrue
benefits under the Plans until September 1, 1996, after which no
further benefits will be earned. If the required approvals are
obtained from the Bankruptcy Court, the Plans would then
terminate on October 6, 1996. Until the termination process is
completed, the company will continue to administer the Plans,
make contributions, and invest the Plans' assets.
"During the past several months, we have had discussions
with the Pension Benefit Guaranty Corporation (PBGC), which
guarantees retirement benefits," Mr. Stengel added. "However, we
have not reached any agreement with the PBGC, nor has the PBGC
approved the terminations."
If the Plan termination occur, they are likely to have
little effect on the majority of Smith Corona retirees, who are
entitled to benefits under the employees' retirement plans.
Because the Plans may be underfunded, the PBGC could pay
guaranteed pension benefits within certain dollar limits. The
PBGC determines maximum monthly and annual payments by a
combination of factors, including the beneficiary's age and
earnings.
Approximately 4,700 active and retired employees would be
affected by the Plan terminations. All participants are being
notified in writing immediately. Participants with inquiries may
call (607) 758-5619 to speak with a human resource
representative.
Smith Corona is a leading worldwide manufacturer and
marketer of personal word processors, portable electric
typewriters, label printers, and other products and accessories
for use in the office, home and school. The company filed under
Chapter 11 of the U.S. Bankruptcy Code on July 5, 1995.
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