<PAGE> 1
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): September 25, 1998
------------------
Fruehauf Trailer Corporation
----------------------------------
(Exact name ofregistrant as specified in its charter)
Delaware 1-10772 38-2863240
- ------------- ----------- --------------
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
1111 Bayside Drive, Suite 160, Corona Del Mar, CA 92625
-------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (714)644-9665
---------------
<PAGE> 2
Item 5. Other Events.
- ----------------------
Fruehauf Trailer Corporation, a Delaware corporation (the
"Corporation"), and certain of its subsidiaries filed a
voluntary petition with the United States Bankruptcy Court for
the District of Delaware (the "Bankruptcy Court") under Chapter
11 of the United States Bankruptcy Code (the "Code"), Case
Number 96-1563 (PJW), on October 7, 1996. The Corporation is
required to file Monthly Operating Reports with the Bankruptcy
Court and the United States Trustee for the District of Delaware
pursuant to Bankruptcy Rule 2015 and the United States Trustee's
Operating Guidelines and Reporting Requirements for Chapter 11
cases. In connection therewith, and as previously disclosed by
the Corporation in its press release dated March 31, 1997 (filed
under Form 8-K on April 14, 1997), attached hereto as Exhibit
99.1 is the Monthly Operating Report of the Corporation for the
month ending August 1998, filed with the Bankruptcy Court on
September 25, 1998.
On September 14, 1998 the Corporation announced that all
classes of creditors had voted to accept the Corporation's
Chapter 11 Plan of Reorganization and Disclosure Statement
(filed under Form 8-K dated June 24, 1998). Attached hereto as
Exhibit 99.2 is the press release dated September 14, 1998.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
-----------------------------------------
( c ) Exhibits.
99.1 Monthly Operating Report of the Corporation
for the month of August 1998.
99.2 Press Release dated September 14, 1998 announcing the
Corporation's Creditors' Acceptance of the Plan of
Reorganization.
<PAGE> 3
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.
FRUEHAUF TRAILER CORPORATION
Date: September 25, 1998 By: /s/ James Wong
------------------ -------------------
James Wong
Chief Financial Officer
(Duly Authorized Officer)
<PAGE> 4
OFFICE OF THE U.S. TRUSTEE - REGION 3
MONTHLY REPORTING REQUIREMENTS
For the month of August 1998
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563 (PJW)
Explanation Document Previously Explanation
Required Documents Attached Submitted Attached
------------------ -------- ---------- --------
Condensed Statement
of Operations X
Condensed Balance Sheet X
Statement of Cash
Receipts and Disbursements X
Statement of Aged
Receivables X
Statement of Aged Payables X
Statement of Operations,
Taxes, Insurance and
Personnel X
Tax Receipts X
Other Documentation as
required by the Trustee X
The undersigned individual certifies under penalty of perjury
(28 U.S.C. section 1746) that to the best of the individual's
knowledge, the documents appended are true and correct.
By: /s/ James Wong Date: September 25, 1998
---------------- -------------------
James Wong
Chief Financial Officer
<PAGE> 2
OFFICE OF THE U.S. TRUSTEE - REGION 3
MONTHLY REPORTING REQUIREMENTS
For the month of August 1998
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563 (PJW)
On April 16, 1997, Fruehauf Trailer Corporation ("FTC" or "the
Debtor") completed the sale of all of its domestic operations
and operating assets to Wabash National Corporation ("the Asset
Sale"). In conjunction with the Asset Sale, the number of FTC
employees was reduced from 1,185 to six full time equivalents
("FTEs"). None of these six FTEs were employees of FTC prior to
the Asset Sale. In addition, the historical records, including
accounting records, were included with the assets sold.
Therefore, without such historical records and institutional
memory, FTC has been unable to prepare accurate and meaningful
financial statements prior to June 1, 1997.
On June 1, 1997 the remaining assets and financial documents
were transferred from Indianapolis, Indiana to the current FTC
headquarters located in Corona del Mar, California. Henceforth,
the Debtor began "fresh start" accounting procedures and
financial statements. The Debtor, to the best of its ability
and utilizing the information available, has attempted to
reconstruct and substantiate such financial statements. The due
diligence involved in preparation of the "fresh start" financial
documents includes: closing and reconciling bank accounts;
consolidating and negotiating more favorable insurance coverage,
including seeking potential refunds; seeking potential
environmental recoveries from various state funds; assessing
valuations on the various properties that remain with the
Debtor; and verifying and scheduling the numerous payables
outstanding. The Debtor continues to receive invoices for
services rendered and/or goods received for the period
subsequent to filing bankruptcy and prior to the Asset Sale
(between October 8, 1996 and April 16, 1997). In addition, the
Debtor continues to receive various refunds of monies from tax
authorities and other entities, albeit at de minimus amounts.
Thus, the financial statements as contained herein may be
subject to modification due to the aforementioned effects or
other causes not currently known. In addition, the financial
statements contained herein are unaudited.
(continued)
<PAGE> 3
OFFICE OF THE U.S. TRUSTEE - REGION 3
MONTHLY REPORTING REQUIREMENTS
For the month of August 1998
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563 (PJW)
The August 1998 financial statements have been restated to
reflect additional and more accurate information with respect to
certain assets of the Debtor. Due to such modifications, a cash
flows statement will not reflect accurate data, and thus will
not be presented.
Due to the lack of accounting data, no material change in
financial activity and lack of any information to the contrary,
and in the interests of consolidating administrative functions,
no additional documentation will be provided related to the
following entities:
Debtor Name: Case Number:
- ------------ ------------
Maryland Shipbuilding & Drydock Company 96-1564 (PJW)
Jacksonville Shipyards, Inc. 96-1565 (PJW)
Fruehauf Corporation 96-1567 (PJW)
FGR, Inc. 96-1568 (PJW)
The Mercer Co. 96-1569 (PJW)
Deutsche-Fruehauf Holding Corporation 96-1570 (PJW)
MJ Holdings, Inc. 96-1571 (PJW)
E.L. Devices, Inc. 96-1572 (PJW)
Management shall again provide detailed reporting should any
future material financial activity occur in any or all of the
respective reporting entities.
<PAGE> 4
OFFICE OF THE U.S. TRUSTEE - REGION 3
CONDENSED BALANCE SHEET - UNAUDITED
For The Month Ending August 31, 1998
(Dollars in Thousands)
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563(PJW)
<TABLE>
<CAPTION>
8/31/98 7/31/98 6/30/98
------- ------- -------
<S> <C> <C> <C>
ASSETS
Current Assets
Cash & Short-term
investments $5,543 $6,118 $6,253
Restricted cash (1) 700 680 660
Note receivables 2,452 2,436 2,313
Prepaid expenses 321 334 350
------- ------- -------
Total Current Assets 9,016 9,568 9,576
Other Assets
Investment in Fruehauf
de Mexico subsidiary 1,500 1,500 1,500
Wabash common stock (2) 3,675 3,675 3,675
Wabash preferred stock(3) 17,600 17,600 17,600
Jacksonville Note
Receivable, net (4) 5,034 5,039 5,045
Kearney Note
Receivable, net 2,371 2,371 2,371
Property held for sale 501 501 501
Fixed assets 74 75 76
------- ------- -------
Total Other Assets 30,755 30,761 30,768
------- ------- -------
Total Assets $39,771 $40,329 $40,344
======= ======= =======
</TABLE>
(1) Held at IBJ Schroeder Bank & Trust Company.
(2) To date, the Debtor has sold 800,000 shares of the Wabash
common stock at an average share price of $28.01, less a 7%
brokerage fee to Merrill Lynch for executing the transactions.
The remaining balance of the Wabash common stock is valued at
the basis price of $18.375.
(3) The value of the Wabash Preferred Stock reflects an
anticipated full conversion of the 352,000 shares of Preferred
Stock to Common Stock, at the conversion price of $21.375 per
share.
(4) Represents the current outstanding balance, less reserve.
<PAGE> 4
OFFICE OF THE U.S. TRUSTEE - REGION 3
CONDENSED BALANCE SHEET - UNAUDITED
For The Month Ending August 31, 1998
(Dollars in Thousands)
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563(PJW)
<TABLE>
<CAPTION>
8/31/98 7/31/98 6/30/98
------- -------- -------
<S> <C> <C> <C>
LIABILITIES & EQUITY
Current Liabilities
Accounts payable $ 308 $ 495 $ 190
Professional fees (1) 1,482 1,594 1,470
Accrued current
liabilities 1,048 1,049 1,029
------- ------- -------
Total Current Liabilities 2,838 3,138 2,689
Long-term Liabilities
Accrued warranty liability 500 500 500
------- ------- -------
Total Liabilities Not
Subject to Compromise 3,338 3,638 3,189
Liabilities Subject
to Compromise:
Accounts payable 33,640 33,640 33,640
Long-term debt 60,390 60,390 60,390
Accrued interest 4,330 4,330 4,330
Retiree healthcare benefits 23,105 23,105 23,105
Intercompany accounts payable 62,201 62,201 62,201
Other liabilities 24,440 24,440 24,440
------- ------- -------
Total Liabilities Subject
to Compromise 208,106 208,106 208,106
------- ------- -------
Total Liabilities 211,444 211,744 211,295
EQUITY
Opening Equity Balance (171,622) (170,969) (170,869)
Net loss (51) (446) (82)
------- ------- -------
Total Equity (171,673) (171,415) (170,951)
Total Liabilities & Equity $39,771 $40,329 $40,344
======= ======= ========
</TABLE>
(1) Includes withheld amounts as mandated by U.S. Bankruptcy
Code.
<PAGE> 5
OFFICE OF THE U.S. TRUSTEE - REGION 3
CONDENSED STATEMENT OF OPERATIONS - UNAUDITED
For The Month Ending August 31, 1998
(Dollars in Thousands)
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563(PJW)
<TABLE>
<CAPTION>
8/31/98 7/31/98 6/30/98
-------- -------- --------
<S> <C> <C> <C>
Sales $ 0 $ 0 $ 0
Other income (1) 173 189 426
Cost of Goods Sold 0 0 0
------ ------- -------
Gross Margin 173 189 426
Sales, General and
Administrative 171 159 68
Insurance and Insurance claims 0 0 0
------ ------- -------
Income (loss) from operations 2 30 358
Interest expense 0 0 0
Equity income in
Fruehauf de Mexico 207 19 (27)
Other 0 0 0
----- ------ ------
Loss before
reorganization items 209 49 331
Reorganization items:
Professional and other fees
of bankruptcy 260 495 413
------ ------- -------
Total Reorganization Items 260 495 413
Income (loss) before
income taxes (51) (446) (82)
Provision for income taxes 0 0 0
------ ------- -------
Net Loss ($51) ($446) ($82)
====== ======= =======
</TABLE>
(1) Other Income includes interest income, state tax refunds
and miscellaneous refunds.
<PAGE> 6
OFFICE OF THE U.S. TRUSTEE - REGION 3
CONDENSED STATEMENT OF CASH FLOW - UNAUDITED
For The Month Ending August 31, 1998
(Dollars in Thousands)
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563(PJW)
None.
<PAGE> 7
OFFICE OF THE U.S. TRUSTEE - REGION 3
STATEMENT OF AGED RECEIVABLES
For the month of August 1998
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563 (PJW)
The Debtor sold all of its trade accounts receivables in
conjunction with the Wabash sale on April 16, 1997.
<PAGE> 8
OFFICE OF THE U.S. TRUSTEE - REGION 3
STATEMENT OF AGED PAYABLES
For The Month Ending August 31, 1998
(Dollars in Thousands)
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563(PJW)
<TABLE>
<CAPTION>
DESCRIPTION 1-30 Days 31-60 Days 61-90 Days 91+ Days Total
- ------------- --------- --------- ---------- --------- ------
<S> <C> <C> <C> <C> <C>
Cumulative
Trade Payables $ 89,785 $184,741 $262 $32,815 $307,603
<PAGE> 9
OFFICE OF THE U.S. TRUSTEE - REGION 3
STATEMENT OF OPERATIONS, TAXES, INSURANCE AND PERSONNEL
For the month of August 1998
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563 (PJW)
Status of Postpetition Taxes
- ----------------------------
See Tax Receipts.
Payments to Insiders
- --------------------
Payee Name Position Nature of Payment Amount
- ----------- -------- ----------------- ------
Chriss Street Chairman and CEO Wages (A) $20,769
Chriss Street Chairman and CEO Travel and Other
Expenses 1,879
James Wong CFO, Treasurer Wages (A) 6,000
James Wong CFO, Treasurer Travel and Other
Expenses 9,763
Worth Frederick Vice President Wages (A) 6,923
Worth Frederick Vice President Travel and Other
Expenses 6,851
Courtney Watson Corporate Secretary Wages (A) 5,000
Courtney Watson Corporate Secretary Travel and Other
Expenses 654
(A) Wages represent gross wages paid for the periods ended
August 7, 1998 and August 21, 1998.
<PAGE> 10
Summary of Actual
Payments to Professionals
- -------------------------
</TABLE>
<TABLE>
<CAPTION>
August 1998 10/7/96 to Present
------------------ ------------------
Cumulative
Invoices Invoices Balance Total Total
Name and Relationship Received Paid Due Billed Paid
- ---------------------- -------- -------- ----------- ------- -----
<S> <C> <C> <C> <C> <C>
Debtor's Counsel
- ----------------
Jones, Day, Reavis & Pogue $ 0 $ 0 $436,418 $2,445,191 $2,008,773
Camhy, Karlinsky & Stein 136,549 80,852 552,695 2,626,176 2,073,481
Morris, Nichols, Arsht
& Tunnel 0 10,569 21,103 416,415 395,312
Carson & Fischer 0 0 0 4,222 4,222
Debtor's Accountants
- --------------------
Price Waterhouse LLP 21,494 22,996 137,514 1,266,744 1,129,230
Madeleine LLC Counsel
- ---------------------
O'Melveny & Meyers LLP 0 0 0 0 0
Richards, Layton & Finger 0 0 0 27,408 27,408
Madeleine LLC Advisor
- ---------------------
Policano & Manzo LLC 0 0 0 0 0
Creditors' Committee Counsel
- ----------------------------
Stroock, Stroock & Lavan 2,122 20,430 19,419 548,538 529,119
Saul, Ewing, Remick
& Saul 0 2,273 4,458 64,481 60,022
Creditors' Committee Advisors
- -----------------------------
Ernst & Young LLP 5,386 14,742 37,410 535,353 497,943
Unofficial Bondholders'
Committee Counsel
- ------------------------------
Haynes & Boone 23,297 85,258 171,992 1,360,797 1,188,805
Young, Conaway, Stargatt
& Taylor 1,441 5,040 23,953 112,765 88,812
Indenture Trustee & Counsel
- ---------------------------
IBJ Schroder Bank &
Trust 0 0 0 0 0
Hughes, Hubbard
& Reed 0 0 0 0 0
Other
- -----
ARP 0 5,550 16,043 154,283 138,240
Markowitz 8,783 4,746 12,174 18,988 6,813
Logan & Company, Inc. 18,953 36,956 0 759,389 759,391
ATC Group Services 0 0 4,081 169,379 165,298
McGuire, Woods, Battle
& Boothe 0 39,431 41,379 261,074 219,695
Walsh & Mongack 1,012 2,566 2,971 20,203 17,232
-------- -------- --------- ---------- ---------
Totals $219,036 $331,409 $1,481,610 $10,791,406 $9,309,796
====== ======== ========== =========== ==========
</TABLE>
<PAGE> 11
(A) Jones, Day, Reavis & Pogue received a retainer in the
amount of $150,000. The retainer payment made in October 1996
is not considered in the determination of the balance due.
(B) Morris, Nichols, Arsht & Tunnel received a retainer in the
amount of $25,000. The retainer payment made in October 1996 is
not considered in the determination of the balance due.
(C) Price Waterhouse LLP received a retainer in the amount of
$75,000. The retainer payment made in October 1996 is not
considered in the determination of the balance due.
(D) O'Melveny & Meyers LLP and Richards , Layton & Finger did
not submit a formal retention application. Rather, the
requirement to pay their fees is set forth in the terms of the
debtor-in-possession lending facility with Madeleine LLC.
(E) Policano & Manzo LLP did not submit a formal retention
application. Rather, the requirement to pay their fees is set
forth in the terms of the debtor-in-possession lending facility
with Madeleine LLC.
(F) The formal order regarding the retention of Saul, Ewing,
Remick & Saul and Ernst & Young LLP by the Official Creditors'
Committee had not been entered in the court docket as of the
date of this submission. The date of the court approval will be
included once the order is entered in the court docket.
Adequate Protection Payments
- ----------------------------
None.
Insurance
- ---------
The debtor has negotiated more favorable coverage, terms and
rates with respect to insurance coverage; it has replaced
Protection Mutual and Travelers Insurance with Utica Mutual
Insurance Company.
Personnel
- ----------
The Debtor's number of employees at August 31, 1998 is six.
<PAGE> 12
OFFICE OF THE U.S. TRUSTEE - REGION 3
TAX RECEIPTS
For the month of August 1998
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563 (PJW)
Federal, State and Local Income Taxes
- -------------------------------------
The Company believes that it experienced a net operating loss
for the year ended December 31, 1997. As such, the Debtor
believes that no estimated federal, state or local income tax
payments are due for 1997.
Federal Excise Taxes
- ---------------------
The undersigned hereby represents that to the best of my
knowledge, Fruehauf Trailer Corporation is current on all
postpetition federal excise taxes.
/s/James Wong
- ------------------
James Wong
Chief Financial Officer
State and Local Sales Taxes
- ---------------------------
The undersigned hereby represents that to the best of my
knowledge, Fruehauf Trailer Corporation is current on all
postpetition state and local sales taxes.
/s/ James Wong
- -----------------
James Wong
Chief Financial Officer
<PAGE> 13
Payroll Withholding and Other Taxes
- ------------------------------------
The undersigned represents that to the best of my knowledge with
respect to remittance of payroll withholding taxes, the Debtor
is current on all postpetition federal, state and local
withholding and other taxes.
/s/ James Wong
- ------------------
James Wong
Chief Financial Officer
Real and Personal Property Taxes
- ---------------------------------
The Debtor is conducting an evaluation of real and personal
property taxes as to the propriety of taxes being prepetition or
postpetition and preparing a calendar for payment of what is
determined to postpetition taxes. While the undersigned is
currently not aware of any postpetition real and personal
property taxes past due, the undersigned is not aware of
delinquent postpetition real and personal property taxes.
/s/ James Wong
- ------------------
James Wong
Chief Financial Officer
<PAGE> 14
OFFICE OF THE U.S. TRUSTEE - REGION 3
OTHER DOCUMENTATION AS REQUIRED BY THE TRUSTEE
For the month of August 1998
Debtor Name: Fruehauf Trailer Corporation
Case Number: 96-1563 (PJW)
QUESTIONAIRE YES NO
- ------------- --- --
1. Have any assets been sold or transferred X
outside the normal course of business this
reporting period?
2. Have any funds been disbursed from any account
other than a debtor in possession account? X(1)
3. Are any postpetition receivables (accounts,
notes or loans) due from related parties? X(2)
4. Have any payments been made on prepetition
liabilities this reporting period? X(3)
5. Have any postpetition loans been received by
the debtor from any party? X(4)
6. Are any postpetition payroll taxes due? X(5)
7. Are any postpetition state or federal income
taxes past due? X(5)
8. Are any postpetition real estate taxes due? X(5)
9. Are any other postpetition taxes due? X(5)
10. Are any amounts owed to postpetition creditors
past due? X
11. Have any prepetition taxes been paid during the
reporting period? X
12. Are any wage payments past due? X
<PAGE> 15
1. Pursuant to the Motion and Order of Debtors and Debtors in
Possession for an Order (A) Approving Centralized Cash
Management System, Use of Existing Bank Accounts and Business
Forms and (B) According Priority Status To All Postpetition
Intercompany Claims, the Debtors were authorized to continue to
maintain the Prepetition Bank Accounts, as they may be modified
pursuant to the terms of the DIP Agreement. As of June 1, 1997
the Debtor consolidated and re-located its corporate
headquarters to Corona del Mar, California. The Debtor has
closed or is in the process of closing and consolidating the 44
bank accounts it has been using prior to the April 16, 1997
transaction. The Debtor anticipates using five bank accounts
going forward.
2. Effective April 15, 1997 all retiree health care benefits
were terminated with the COBRA provision extended through April
25, 1997. Prior to the termination, retiree health care
benefits were paid centrally at the Debtor's home office level.
3. Pursuant to the Motion and Order of Debtors and Debtors in
Possession for an Order Authorizing Them to (A) Pay Prepetition
Employee Wages, Salaries and Related Item; (B) Reimbursable
Prepetition Business Expenses; (C ) Make Payments For Which
Payroll Deductions Were Made; (D) Make Prepetition Contributions
and Pay Benefits Under Employee Benefit Plans; and (E) Pay All
Costs and Expenses Incident to the Foregoing Payments and
Contributions and pursuant to the Motion and Order of Debtors
and Debtors in Possession Authorizing Them to Honor Certain
Prepetition Obligations to Customers, the Debtor has paid
certain prepetition employee compensation liabilities and the
Debtor has continued to honor, at its sole discretion,
prepetition obligations to customers, including the provision of
warranty service.
4. The Debtor, together with its affiliated debtors, entered
into a debtor-in-possession lending facility with Madeleine,
LLC, an affiliate of Cerberus Partners LP. In connection with
the sale of the operating assets this DIP lending facility was
repaid and a new facility was established with the Bank of
America as of April 16, 1997. On August 15, 1997 the Bank of
America facility was repaid in its entirety and terminated.
5. See detailed discussion of tax status under Tax Receipts.
<PAGE> 16
OFFICE OF THE U.S. TRUSTEE - REGION 3
MONTHLY REPORTING REQUIREMENTS
For the month of August 1998
Debtor Name: Fruehauf International Limited
Case Number: 96-1566 (PJW)
Explanation Document Previously Explanation
Required Documents Attached Submitted Attached
- ------------------ -------- ---------- --------
Condensed Statement
of Operations X
Condensed Balance Sheet X
Statement of Cash
Receipts and Disbursements X
Statement of Aged
Receivables X
Statement of Aged Payables X
Statement of Operations,
Taxes, Insurance and
Personnel X
Tax Receipts X
Other Documentation as
required by the Trustee X
The undersigned individual certifies under penalty of perjury
(28 U.S.C. section 1746) that to the best of the individual's
knowledge, the documents appended are true and correct.
By: /s/ James Wong Date: September 25, 1998
---------------- -----------------
James Wong
Chief Financial Officer
<PAGE> 17
OFFICE OF THE U.S. TRUSTEE - REGION 3
CONDENSED BALANCE SHEET - UNAUDITED
For The Month Ending August 31, 1998
(Dollars in Thousands)
Debtor Name: Fruehauf International Limited
Case Number: 96-1566(PJW)
<TABLE>
<CAPTION>
Month Month Month
Ended Ended Ended
8/31/98 7/31/98 6/30/98
------- -------- -------
<S> <C> <C> <C>
ASSETS
Current Assets
Cash $ 0 $ 0 $ 0
Intercompany accounts
receivable 23,116 23,116 23,116
Trade accounts receivable 1,476 1,476 1,476
Other current assets 0 0 0
------- ------- ------
Total Current Assets 24,592 24,592 24,592
Restricted cash 299 299 299
Other assets and deferred charges (260) (260) (260)
Investment in Fruehauf Corp. 18,783 18,783 18,783
Investment in Deutsche-Fruehauf
Holding 2,395 2,395 2,395
Investment in Fruehauf de Mexico (1,659) (1,866) (1,885)
------- ------- ------
Total Assets $44,150 $43,943 $43,924
======= ======= ======
LIABILITIES & STOCKHOLDERS'
DEFICIT
Not Subject to Compromise:
- --------------------------
Intercompany accounts payable 0 0 0
Other liabilities 0 0 0
------- ------- ------
Total Not Subject to Compromise 0 0 0
Subject to Compromise:
- ----------------------
Other liabilities 110 110 110
------- ------- ------
Total Subject to Compromise 110 110 110
STOCKHOLDERS' DEFICIT 44,040 43,833 43,814
------- ------- ------
Total Liabilities and
Stockholders' Deficit $44,150 $43,943 $43,924
======= ======= =======
</TABLE>
<PAGE> 18
OFFICE OF THE U.S. TRUSTEE - REGION 3
CONDENSED STATEMENT OF OPERATIONS - UNAUDITED
For The Month Ending August 31, 1998
(Dollars in Thousands)
Debtor Name: Fruehauf International Limited
Case Number: 96-1566(PJW)
<TABLE>
<CAPTION>
8/31/98 7/31/98 6/30/98
------- -------- --------
<S> <C> <C> <C>
Sales $ 0 $ 0 $ 0
Cost of Goods Sold 0 0 0
------ ------ ------
Gross Margin 0 0 0
Engineering, selling and
administrative expenses 0 0 0
------ ------ ------
Income (loss) from operations 0 0 0
Interest expense 0 0 0
Other: Earnings/(loss) from
Mexico operations 207 19 (27)
------ ----- ------
Income (loss) before
reorganization items 207 19 (27)
Reorganization items:
Professional and other fees
of bankruptcy 0 0 0
Gain (loss) on disposition
of assets 0 0 0
------ ----- ------
Total Reorganization Items 0 0 0
Income (loss) before
income taxes 207 19 (27)
Provision for income taxes 0 0 0
------ ----- ------
Net Income (loss) before
Extraordinary item $207 $19 ($27)
====== ===== ======
</TABLE>
<PAGE> 19
OFFICE OF THE U.S. TRUSTEE - REGION 3
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the month of August 1998
Debtor Name: Fruehauf International Limited
Case Number: 69-1566 (PJW)
Cash Receipts
- -------------
None.
Cash Disbursements
- ------------------
None.
<PAGE> 20
OFFICE OF THE U.S. TRUSTEE - REGION 3
STATEMENT OF AGED RECEIVABLES
For the month of August 1998
Debtor Name: Fruehauf International Limited
Case Number: 96-1566 (PJW)
Fruehauf Trailer Corporation has a trade receivable outstanding
of $2.5 million from Fruehauf de Mexico S.A. de C.V., a division
of Fruehauf International Limited, at the end of the reporting
period.
<PAGE> 21
OFFICE OF THE U.S. TRUSTEE - REGION 3
STATEMENT OF AGED PAYABLES
For the month of August 1998
Debtor Name: Fruehauf International Limited
Case Number: 96-1566 (PJW)
None.
<PAGE> 22
OFFICE OF THE U.S. TRUSTEE - REGION 3
STATEMENT OF OPERATIONS, TAXES, INSURANCE AND PERSONNEL
For the month of August 1998
Debtor Name: Fruehauf International Limited
Case Number: 96-1566 (PJW)
Status of Postpetition Taxes
- ----------------------------
See Tax Receipts.
Payments to Insiders
- --------------------
None.
Payments to Professionals
- -------------------------
None.
Adequate Protection Payments
- ----------------------------
None.
Insurance
- ---------
Not Applicable.
Personnel
- ---------
Fruehauf International Limited had no employees at the
beginning and end of the reporting period. Its only operating
subsidiary, Fruehauf de Mexico S.A. de C.V., has approximately
328 employees.
<PAGE> 23
OFFICE OF THE U.S. TRUSTEE - REGION 3
TAX RECEIPTS
For the month of August 1998
Debtor Name: Fruehauf International Limited
Case Number: 96-1566 (PJW)
None.
<PAGE> 24
OFFICE OF THE U.S. TRUSTEE - REGION 3
OTHER DOCUMENTATION AS REQUIRED BY THE TRUSTEE
For the month of August 1998
Debtor Name: Fruehauf International Limited
Case Number: 96-1566 (PJW)
QUESTIONAIRE YES NO
- ------------- --- --
1. Have any assets been sold or transferred X
outside the normal course of business this
reporting period?
2. Have any funds been disbursed from any account
other than a debtor in possession account? X
3. Are any postpetition receivables (accounts,
notes or loans) due from related parties? X
4. Have any payments been made on prepetition
liabilities this reporting period? X
5. Have any postpetition loans been received by
the debtor from any party? X
6. Are any postpetition payroll taxes due? X
7. Are any postpetition state or federal income
taxes past due? X
8. Are any postpetition real estate taxes due? X
9. Are any other postpetition taxes due? X
10. Are any amounts owed to postpetition creditors
past due? X
11. Have any prepetition taxes been paid during the
reporting period? X
12. Are any wage payments past due? X
Monday September 14, 3:33 pm Eastern Time
Company Press Release
FRUEHAUF TRAILER CORPORATION ANNOUNCES CREDITORS ACCEPT PLAN OF
REORGANIZATION
CORONA DEL MAR, Calf., Sept. 14/PRNewswire/ -- Chriss W. Street,
President and Chief Executive Officer of Fruehauf Trailer
Corporation [OTCBB:FTCFQ - news], announced today that all
classes of creditors have voted to accept the Company's Chapter
11 Plan of Reorganization and Disclosure Statement, previously
filed on August 12. The Delaware Bankruptcy Court has scheduled
a hearing to confirm the Plan on September 16.
The Plan calls for securities held by Fruehauf to be distributed
to the Company's secured bondholders. Fruehauf's remaining
assets, including its trailer manufacturing operation in Mexico
and an international portfolio of properties, will be
transferred to a liquidating trust for the benefit of all
Fruehauf's creditors. Mr. Street has been retained to serve as
Trustee for the liquidating trust.
Mr. Street stated: "Creditors have overwhelmingly approved the
agreement Fruehauf reached with them to allow all creditors,
both secured and unsecured, to participate in and receive
distribution plans from the Trust. Of those who voted, 100% of
bondholders, 100% of secured creditors and 98% of unsecured
creditors agreed to accept Fruehauf's Plan."
This press release and statements made by Fruehauf in reports to
its stockholders and public filings, as well as oral public
statements by Fruehauf representatives may contain certain
forward-looking statements, as defined by the Private Securities
Litigation Reform Act of 1995. Any forward-looking statement
is, however, subject to certain risks and uncertainties that
could cause actual results to differ materially from those
projected. Without limitation, these risks and uncertainties
include approval of the plan of reorganization, increased
competition, dependence on industry trends, government
regulation and dependence on a single site. Readers should
review and consider the various disclosures made by Fruehauf
Trailer in this press release and public filings.
Fruehauf's confirmation hearing will be held at the Delaware
Bankruptcy Court, on September 16, 1998. Creditors and other
parties in interest may obtain a copy of the Plan and Disclosure
Statement on the internet at http://www.camhy.com, by e-mail
upon request from [email protected] and upon written request from
IKON Office Solutions, Attn: Ed Carney, 901 North Market Street,
Suite 718, Wilmington, Delaware 19801.
