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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) April 14, 2000
U.S. HOMECARE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
New York 0-19240 13-2853680
(State or Other Jurisdiction of (Commission File No.) (IRS Employer
Incorporation) Identification Number)
Two Hartford Square West, Suite 300, Hartford, CT 06106
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (860) 278-7242
Not Applicable
(Former name or former address, if changed since last report)
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
U.S. HOMECARE CORPORATION
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(Registrant)
January 27, 2000 By: /s/ Sophia Bilinsky
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Sophia Bilinsky
President and
Chief Executive Officer
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ITEM 5. OTHER EVENTS
Reference is made to the press release of Registrant, issued on January
27, 2000, which is incorporated herein by this reference. A copy of the press
release is attached to this Form 8-K as Exhibit 99.1
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FOR IMMEDIATE RELEASE Contact: Sophia V. Bilinsky
- --------------------- Chief Executive Officer
U.S. HomeCare Corporation
(914) 946-9601
Jay C. Huffard
Chairman
U.S. HomeCare Corporation
(203) 661-3405
U.S. HomeCare, (OTC-USHO), announced today that as a result of the Company's
continuing defaults on its secured indebtedness, it's Agent Bank, Chase
Manhattan Bank, had advised the Company that it intends to take possession of
U.S. HomeCare's assets on or about April 14, 2000. All assets of U.S. HomeCare
secure the Company's indebtedness to the banks. The Agent Bank, effective today,
has entered into a definitive agreement with Premier Home Health Care, Inc. to
sell the assets of U.S. HomeCare Corporation's New York Licensed agencies.
Agreements to sell the Company's other assets are currently being negotiated by
the Agent Bank.
Simultaneous with the asset foreclosure, U.S. HomeCare will cease to operate and
the Company's Board of Directors and its CEO, Sophia V. Bilinsky, will resign.
The Company has explored many other alternatives to its cash flow problems. In
the banks' judgement, this was the only alternative given the depressed nature
of the Home Health Care Industry and the banks' level of interest in continuing
their support of the Company's cash flow shortfalls. U.S. HomeCare has had a
long history of excellence in serving the many patients in its communities which
we hope will be continued.
The continuing defaults and the banks' subsequent decision to foreclose on and
sell U.S. HomeCare's assets are largely the result of the burden placed on the
Company by required repayments to the Medicare program, repayments related to
liabilities incurred in the early 1990's, the burden of repaying the 1998 New
York Attorney General Settlement, and recent Y2K related cash flow timing
issues.
U.S. HomeCare Corporation, through April 14, 2000, will provide home health care
services in New York, Connecticut, and Pennsylvania.
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This press release contains forward-looking statements. All forward-looking
statements involve risks and uncertainties, including, without limitation, the
risks detailed in the Company's filings and reports with the Securities and
Exchange Commission.
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