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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Commission File No. 0-26182
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
APRIL 8, 1997
Date of Report (Date of Earliest Event Reported)
INTERNATIONAL IMAGING, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-3469649
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Eseco Road, Cushing, Oklahoma 74023
(Address of principal executive offices) (Zip Code)
(918) 225-1266
(Registrant's telephone number, including area code)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On April 8, 1997, International Imaging, Inc. filed a prenegotiated
Joint Plan of Reorganization (the "Reorganization Plan") in the United States
Bankruptcy Court for the Western District of Oklahoma (the Court") case no.
97-13285BH. The Reorganization Plan only addresses the reorganization of
International Imaging, Inc. and not the Company's wholly owned operating
subsidiary, ESECO.
The Reorganization Plan calls for a one for five reverse stock
split and the issuance to the Company's creditors of 500,000 shares of common
stock and warrants to purchase 3,000,000 shares of common stock of IMGI in
exchange for outstanding debt to related parties of $206,512 and accrued
interest of $7,249 recorded as accrued liabilities in the accompanying
consolidated balance sheet.
The Company's Plan was filed in cooperation with the named
creditors and has been approved by a majority of the shareholders. Management
believes the Court will approve the Reorganization Plan; however, a date for
final approval has not been set.
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Pursuant to the regulations of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed in its behalf by the
undersigned thereunto duly authorized.
INTERNATIONAL IMAGING, INC.
Date: August 13, 1997 /s/ Arthur A. Kaminshine
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Arthur A. Kaminshine, President
Date: August 13, 1997 /s/ Edward L. Handlin
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Edward L. Handlin,
Chief Financial Officer
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