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: July 12, 1996
PRINS RECYCLING CORP.
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(Exact name of registrant as specified in its charter)
NEW YORK
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(State of Incorporation)
0-21436 11-2929211
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(Commission File Number) (IRS Employer ID Number)
400 Kelby Street, 6th Floor, Fort Lee, New Jersey 07024
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(Address of principal executive offices)
Registrant's telephone number, including area code: (201) 886-1600
This report consists of 4 pages.
Exhibit index appears on page 2.
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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.
PRINS RECYCLING CORP., a New York corporation
By: /s/ CLIFFORD H. STRAUB, JR.
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Clifford H. Straub, Jr.
Chief Financial Officer
Dated: July 12, 1996
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ITEM 3. BANKRUPTCY
On July 12, 1996, Prins Recycling Corp. and its subsidiaries filed
Voluntary Petitions for protection under Chapter 11 of the Federal Bankruptcy
Code in the United States Bankruptcy Court, District of New Jersey (Newark). The
Company's management will continue as debtor in possession. The Court has
scheduled a hearing for July 16, 1996 to consider the Company's request for
debtor in possession financing.
ITEM 5. OTHER EVENTS
PRESS RELEASE. Prins Recycling Corp. announced that it has filed for
protection from their creditors under Chapter 11 of the Federal Bankruptcy Code.
ITEM 7. EXHIBITS
Exhibit 28.1 - Press release dated and released July 15, 1996.
FOR IMMEDIATE RELEASE: JULY 15, 1996
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CONTACT: LEE FELDMAN, V.P. & GENERAL COUNSEL, PRINS RECYCLING CORP.,
TEL: (201)886-1600
HAL LEVINE/MARTY COHEN THE LEVINE GROUP, TEL: (212) 682-8875
Fort Lee, New Jersey -- Prins Recycling Corp. (NASDAQ:PRNS) and its
subsidiaries announced today that they have filed for protection from their
creditors under Chapter 11 of the Federal Bankruptcy Code.
The Bankruptcy Court has scheduled a hearing for July 16 to consider the
Company's request for debtor in possession financing. The Company has reached an
agreement with Midlantic Bank, N.A., a subsidiary of PNC Bank, to provide such
financing subject to approval of the Bankruptcy Court.
Commenting on the Chapter 11 filing, Fred L. Prins, Chief Executive
Officer, said "End-market prices for the recyclable commodities which the
Company processes and sells demonstrated a precipitous decline in the fourth
quarter of 1995 and these prices have remained at such low levels. As a result
of this, we have been forced to seek this protection from our creditors. We will
now attempt to reorganize our operations in an effort to minimize our exposure
to commodity price fluctuations."
Prins Recycling Corp. is a recycling firm with processing facilities
located in Illinois, Maryland, Massachusetts, Pennsylvania and New Jersey.
