FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 28, 1997
THC HOMECARE, INC.
(Exact name of registrant as specified in its charter)
Utah 1-11534 48-1092064
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification
No.)
3261 S. Highland Drive, Suite 613, Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 796-1016
Medmarco, Inc.
215 South State Street, Suite 535
Salt Lake City, Utah 84111
(Former name and former address,
if changed since last report)
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 3. Bankruptcy or Receivership.
On February 28, 1997, THC Homecare, Inc., together with
its subsidiaries (collectively "THC"), filed for relief under
Chapter 11 of the United States Bankruptcy Code pursuant to which
THC plans to reorganize. The THC bankruptcy cases are being
jointly administered under Case Nos. BK S 97-21412 through BK S
97-21415 in the United States Bankruptcy Court for the District
of Nevada.
As previously reported, THC incurred large operating
losses in previous periods which resulted in THC operating in a
deficit capital position. The bankruptcy filing was precipitated
by a lawsuit filed on February 27, 1997, by Heller Financial,
Inc., THC's largest secured creditor, against THC to collect
amounts allegedly owed by THC and to enforce its liens. The
bankruptcy filing by THC has currently stayed any further action
in this suit.
THC concluded that its best interests would be served by
seeking protection under Chapter 11 of the Bankruptcy Code so
that a reorganization could be pursued. THC expects to
ultimately prepare and file a plan of reorganization that will be
submitted to creditors and stockholders for acceptance or
rejection. Any such plan must then be approved by the United
States Bankruptcy Court for the District of Nevada before it can
become effective. THC and its subsidiaries presently will
continue business as debtors in possession. The ultimate outcome
of the bankruptcy proceedings and the effects on the stockholders
of THC cannot currently be predicted.
Item 7. Financial Statements and Exhibits.
Exhibits See the Index to Exhibits which is incorporated
by reference.
<PAGE>
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.
THC HOMECARE, INC.
By: /s/ Larry Fuller
Larry Fuller,
President and CEO
Date: March 14, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description of Exhibits
99 Press Release dated March 3, 1997 Exhibit filed
Herewith
TOTAL HOMECARE INC. FILES CHAPTER 11 PETITION
PRESS RELEASE
MARCH 3, 1997 -- LAS VEGAS, NEVADA, --- THC Inc.,
formerly known as Medmarco, Inc. (OTC:THCI), together with its
subsidiaries, announced today that it filed for protection under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the District of Nevada.
As previously reported, the Company has sustained large
operating losses which caused the Company to operate in a deficit
working capital position. On February 27, 1997, Heller
Financial, Inc., the Company's largest secured creditor, filed
suit against the Company to collect amounts allegedly owed by the
Company and to enforce its liens.
The Company believes the bankruptcy filing will allow it
time to work out a plan for restructuring its debts in the best
interests of the Company's shareholders, creditors, and other
constituencies.
"The Chapter 11 filing is a prudent step for THC
Homecare, Inc. and allows us to a call a `time out' with our
creditors while we develop a plan to improve our financial
health," said Larry Fuller, President and C.E.O. of THC Homecare,
Inc.
As previously announced, the Company had already been
instituting remedial changes. Larry Fuller is also an
experienced turnaround specialist who will head the company
during its reorganization. In addition, the Company has already
closed its Salt Lake City office effective the first of February
and moved the Company's headquarters to Las Vegas, Nevada.
THC Homecare, Inc. is a home health company specializing
in durable medical equipment, respiratory services and retail
outlets for home care products. The Company offers full-service
to HMO's, PPO's and other managed care groups in the western
United States.
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CONTACT: Patricia A. Meding, President, FORTE COMMUNICATIONS,
INC., (212) 785-6300, (212) 785-6205 (Fax),
[email protected], CompuServe: 76702, 2130.
