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:) JANUARY 13, 1997
ATLAS ENVIRONMENTAL, INC.
(Exact name of registrant as specified in charter)
COLORADO 0-26166 84-1140790
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) identification #)
150 SOUTH PINE ISLAND ROAD, SUITE 100
PLANTATION, FLORIDA 33324
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (954) 370-9011
NA
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On January 14, 1997, Atlas Environmental, Inc. ("Atlas") and eleven of
its subsidiaries, TranSoil, Inc., KleenSoil International, Inc., South Florida
Thermal Services, Inc., Florida Specialized Carriers, Inc., Naples Recycling
Resources, Inc., Waste Magic Recyclers Palm Beach, Inc., Waste Magic Recyclers
Central, Inc., Waste Magic Recyclers, Inc., Royal Crown Carting, Inc.,
Homestead Landfill and Recycling Management Company, Inc., and South Florida
Recovery, Inc. (collectively, the "Subsidiaries"), filed petitions in the
United States Bankruptcy Court for the Southern District of Florida, Broward
Division, Case No. 97-20203-BKC-RBR through and inclusive of Case No.
97-20214-BKC-RBR, assigned to Judge Raymond Ray, seeking reorganization under
chapter 11 of the Federal Bankruptcy Code (the "Code"). Atlas and the
Subsidiaries are being operated as debtors-in-possession under the Code.
A copy of the press release issued by Atlas on January 16, 1997,
reporting the chapter 11 filings and related matters is filed as an Exhibit
hereto.
ITEM 5. OTHER EVENTS
On January 13, 1997, Thomas Roberts, a Vice President of Atlas, was
appointed to the Board of Directors of Atlas. Prior to Mr. Roberts'
appointment, the board had consisted of two members since the resignation of
Joel Silverstein on November 21, 1996. Prior to the amendment of the bylaws
of Atlas described below, those bylaws required that Atlas be managed by a
board of not less than three nor more than seven directors. On January 13,
1997, after the appointment of Mr. Roberts to the board, the Board of
Directors of Atlas approved an amendment to the Atlas bylaws providing that
the Board of Directors of Atlas consist of not less than two nor more than
seven directors. On that date the Board of Directors also authorized the
filing of the petition in the United States Bankruptcy Court pursuant to
chapter 11 of the Code described in Item 3 above. Mr. Roberts resigned from
the Board of Directors on January 14, 1997, after the board took the aforesaid
actions.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
EX-99 Text of Press Release dated January 16, 1997 re: Atlas Takes Action
To Reorganize.
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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 thereunto duly authorized.
Registrant ATLAS ENVIRONMENTAL, INC.
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By: /s/ Philip Kabot
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Philip Kabot
Chief Financial Officer and
Principal Accounting Officer
Date: January 16, 1997
FOR IMMEDIATE RELEASE
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January 16, 1997
Contact: Linda Lewis
ATLAS ENVIRONMENTAL TAKES ACTION TO REORGANIZE
PLANTATION, FL -- Atlas Environmental, Inc. (NASDAQ: ATEV) and eleven of its
subsidiaries (the "Companies") filed petitions in the United States Bankruptcy
Court for the Southern District of Florida, Broward Division, on January 14,
1997 seeking reorganization under Chapter 11 of the Federal Bankruptcy Code.
The Companies plan to reorganize their operations, and continue to operate as
Debtors-In-Possession under the protection of the Bankruptcy Court.
Atlas is headquartered in Plantation, Florida. For more information,
call Atlas at (954) 370-9011.
