SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report: September 9, 2000
(Date of earliest event reported)
AMERICAN HEALTHCHOICE, INC.
(Exact name of registrant as specified in its charter)
New York 000-26740 11-2931252
(State or other jurisdiction (Commission file no.) (IRS employer
of incorporation) identification no.)
1300 W. Walnut Hill Lane, Suite 275, Irving, Texas 75038
(Address of principal executive offices) (Zip code)
(972) 751-1900
(Registrant's telephone number including area code)
ITEM 3: BANKRUPTCY OR RECEIVERSHIP
On August 8, 2000, the United States Bankruptcy Court for the Northern
District of Texas-Dallas Division entered an order confirming the
Registrant's Amended Joint Plan of Reorganization dated March 31, 2000, as
modified by that Modification to Joint Plan of Reorganization filed June 5,
2000 (the "Plan"). The effective date for the Plan is September 9, 2000.
Following is a summarization of the material features of the Plan:
* The issuance of new debentures to a class of secured creditors
in the amount $4,621,700. The debentures are convertible into
20,475,000 shares of common stock, which represent 30% of the total
outstanding shares at the confirmation date.
* Payments to all other classes of creditors equal to 100% of allowed
claims over a three year period.
* Issuance on a one for one basis of new shares of common stock to all
holders of old common stock as of the confirmation date.
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* The acquisition of three new clinics for a purchase price of
$6,000,000. The acquired clinics are projected to generate profit
before taxes, depreciation and amortization of approximately
$1,500,000 per year.
* An infusion of new equity of approximately $1,500,000.
Common stock information:
Issued and Outstanding 28,800,000
Reserved for Debenture Holders 20,500,000
Reserved for Insider Claims 3,200,000
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Aggregate Total 52,500,000
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Assets and Liabilities:
Balance Sheet as of June 30, 2000, (incorporated by reference to Form
10-QSB, file number 000-26740, filed for the quarter ended June 30,
2000).
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
(a) Exhibits Required by Item 601
2.1 - Debtors American HealthChoice, Inc. and AHC Physicians
Corporation, Inc. Amended Joint Plan of Reorganization dated March 31,
2000.
4.1 - Security Agreement dated August 19, 2000 between American
HealthChoice, Inc. and Southridge Capital LLC in its capacity as
collateral agent for Sovereign Partners, L.P., Dominion Capital Fund,
Ltd., Canadian Advantage Limited Partnership, and Atlantis Capital
Fund.
4.2 - 8% Senior Secured Convertible Debenture due August 19, 2003
4.3 - Stock Trust and Escrow Agreement entered into as of the 19th day
of August, 2000 by and between American HealthChoice, Inc., Sovereign
Partners, L.P., Dominion Capital Fund, Ltd., Canadian Advantage Limited
Partnership, and Atlantis Capital Fund and Krieger & Prager, LLP.
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SIGNATURES
Pursuant to the requirements of the Securities Act 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereto duly authorized, in City of Irving, State of Texas, on
September 25, 2000.
AMERICAN HEALTHCHOICE, INC.
By: /s/ John C. Stuecheli
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John C. Stuecheli
Chief Financial Officer
(Principal Financial and Accounting Officer)
