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): December 19,1996
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.)
839 Route 13 South Cortland, New York 13045
(Address of principal executive offices) (zip code)
(607) 753-6011
(Registrant's telephone number, including area code)
65 Locust Avenue New Canaan, CT 06840
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
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On December 19, 1996, Smith Corona Corporation announced the
resolution of all outstanding issues with regard to the company's
defined benefit pension plans and the Pension Benefit Guaranty
Corporation's (PBGC) claim in Smith Corona's Chapter 11 case.
In addition, on December 30, 1996, Smith Corona Corporation
announced that the hearing to confirm its Plan of Reorganization
will be held on Wednesday, January 22, 1997, at 2:00 p.m. in
Wilmington, Delaware. The Company believes the Plan will be
confirmed. The Plan can go into effect after the Bankruptcy Court
issues a confirmation order, and the company will then emerge from
Chapter 11.
Smith Corona filed under Chapter 11 of the Bankruptcy Code on
July 5, 1995, and its Disclosure Statement was approved on July 16,
1996.
Copies of the December 19, 1996 press release and the December
30, 1996 press release announcing the above events are attached
hereto as exhibits 99.1 and 99.2, respectively, and are
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: January 10, 1997 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: Sitrick and Company, Inc.
Rivian Bell
(310) 788-2850
(800) 686-1910 (24-hours)
For Immediate Release
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Smith Corona, PBGC Resolve Outstanding Issues:
Salaried Pension Plan To Be Retained
Cortland, N.Y. -- Dec 19, 1996 -- Smith Corona Corporation
today announced the resolution of all outstanding issues with
regard to the company's defined benefit pension plans and the
Pension Benefit Guaranty Corporation's (PBGC) claim in Smith
Corona's Chapter 11 case.
"We are very pleased to have worked in concert with the PBGC
to reach this agreement," stated Ronald F. Stengel, Smith Corona
president and chief executive officer. "By working together, we
have achieved an acceptable defined benefit pension plan
contribution structure, resulting in the retention of one of the
company's defined benefit pension plans, and we have resolved the
amount of PBGC's unsecured claim. Today's agreement, subject to
Bankruptcy Court approval, removes the last major hurdle to
confirming Smith Corona's Plan of Reorganization."
Smith Corona will continue the frozen Smith Corona
Corporation Salaried Employees' Retirement Plan, which involves
approximately 1,525 participants. Smith Corona Corporation Hourly
Employees' Retirement Plan and SCM Office Supplies Inc. Salaried
Employees' and Hourly Employees' Retirement Plan, which meet the
criteria for distressed termination and involve approximately
3,050 participants will be terminated as of October 6, 1996,
subject to Court approval. Termination of the Hourly Plan will
result in an allowed PBGC general unsecured claim of $8.3
million, which will constitute the PBGC's only claim in the
Chapter 11 case.
Mr. Stengel indicated that the company would proceed "with
all possible speed" to complete its reorganization. The company
is seeking a late January date for a hearing on confirmation of
its Plan of Reorganization.
Smith Corona is a leading worldwide manufacturer and
marketer of personal word processor, portable electronic
typewriters, 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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EXHIBIT 99.2
News Release
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Sitrick and Company, Inc.
Los Angeles/New York
Contact: Sitrick and Company, Inc.
Rivian Bell
(310) 788-2850
(800) 686-1910 (24 hours)
For Immediate Release
- ---------------------
SMITH CORONA CONFIRMATION HEARING TO BE HELD JAN 22
Cortland, N.Y. -- Dec 30, 1996 -- Smith Corona Corporation
announced today that the hearing to confirm its Plan of
Reorganization will be held on Wed., Jan 22,1997, at 2:00 p.m. in
Wilmington, Del. The company believes the Plan will be
confirmed. The Plan can go into effect after the Bankruptcy Court
issues a confirmation order, and the company will then emerge
from Chapter 11.
Smith Corona is a leading worldwide manufacturer and
marketer of personal word processors, portable electronic
typewriters, and other products and accessories for use in the
office, home and school. The company files under Chapter 11 of
the U.S. Bankruptcy Code on July 5, 1995.
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