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)
May 6, 1997
AMERICAN WHITE CROSS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-20240 06-1342417
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
15200 Interstate 45 North
Houston, Texas 77090
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 281-443-8884
Exhibit Index is on page 4.
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Item 5. Other Events.
On May 6, 1997, American White Cross, Inc., a Delaware corporation (the
"Company"), announced that it has reached an agreement with the major lenders
and Official Committee of Unsecured Creditors on the principal terms of a formal
plan of reorganization. Under the proposed plan, the Company's unsecured
creditors will exchange their claims for common stock in the reorganized
company, and existing stockholders will exchange their shares for approximately
3% of the common stock of the reorganized company. The formal plan of
reorganization has not yet been filed in the United States Bankruptcy Court for
the District of Delaware.
A copy of a press release issued by the Company on May 6, 1997 is attached
hereto as Exhibit 99 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
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99 Press release dated
May 6, 1997
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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 hereunto duly authorized.
AMERICAN WHITE CROSS, INC.
Dated: May 20, 1997
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Scott Vertrees
Vice Chairman, Chief
Financial Officer and
Executive Vice President
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EXHIBIT INDEX
Number Description Page
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99 Press release dated May 6, 1997 5
Exhibit 99
NEWS RELEASE
FOR: AMERICAN WHITE CROSS, INC.
CONTACT: Scott Vertrees
Vice Chairman
(714) 248-8900
Thomas Rallo
Senior Vice President,
Finance and Administration
(860) 779-4114
FOR IMMEDIATE RELEASE
AMERICAN WHITE CROSS, INC. REACHES AGREEMENT ON
PRINCIPAL TERMS OF PLAN TO EMERGE FROM BANKRUPTCY
DAYVILLE, CT., MAY 6, 1997 -- American White Cross, Inc. - DIP (Nasdaq:
AWCIQ) today announced it has reached an agreement with its major lenders and
Official Committee of Unsecured Creditors on the principal terms of a formal
plan of reorganization.
The terms provide for the treatment of all existing creditors, and call for
the Company's unsecured creditors to exchange their claims for common stock in
the reorganized company. Existing shareholders would exchange their shares for
approximately 3% of the reorganized company.
A formal plan of reorganization is expected to be filed with the Bankruptcy
Court in approximately four weeks. The plan of reorganization and the proposed
treatment of creditors and shareholders thereunder is subject to solicitation of
acceptances of the plan and approval of the Bankruptcy Court. The Company's
agreement with its creditors requires that the Company emerge from Chapter 11 no
later than August 31, 1997.
This agreement follows the completion of the divestiture of the Company's
cotton products business on April 22, 1997, which is intended to allow the
Company to focus on its core first aid business, which includes adhesive
bandages, medical tapes, sterile bandages, operating room sponges, esmark
bandages and other first aid related products. The Company
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also sells adhesive bandages under its own national brands, including Looney
Tunes(TM) (marketed under license from the Warner Bros. Division of Time Warner
Entertainment Company L.P.) and STAT-STRIP(R) (easy opening bandages).
