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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
September 5, 1996
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Date of Report (date of earliest event reported)
EVERGREEN INTERNATIONAL
AVIATION, INC.
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(Exact name of registrant as specified in its charter)
Oregon 33-56532 93-0729079
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
Evergreen International Aviation, Inc.
3850 Three Mile Lane
McMinnville, OR 97128
(503) 472-9361
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(Address including zip code and telephone number, including
area code, of registrant's principal executive offices)
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ITEM 5. OTHER EVENTS
On April 25, 1996, Cargill Financial Services Corporation ("Cargill") filed
suit against Evergreen International Aviation, Inc. (the "Company") and certain
of its subsidiaries in the United States District Court for the district of
Oregon seeking amounts claimed to be due and owing to Cargill as a then holder
of approximately $55 million in principal amount of the Company's 13 1/2% Senior
Notes due August 2002 in the aggregate principal amount of $125 million (the
"Notes").
On August 16, 1996, the District Court denied motions brought by Cargill
requesting prejudgment attachment of certain of the Company's assets and an
injunction restricting the operations of the Company and its subsidiaries and
affiliates. The District Court also granted, with the Company's consent, a
motion by Marine Midland Bank, as trustee under the indenture with respect to
the Notes (the "Trustee"), to intervene in the Cargill lawsuit on behalf of all
Note holders. The Trustee's related complaint seeks payment of all outstanding
principal and accrued and unpaid interest on the Notes (other than unaccelerated
interest payments payable to Cargill), together with default interest thereon
(totaling approximately $53.5 million. No date has yet been set for a hearing
on the Trustee's motion.
On September 3, 1996, the District Court advised the parties of its
intention to issue an order granting a motion for summary judgment filed by
Cargill with respect to unaccelerated interest payments (totaling approximately
$10.5 million) alleged to be due to Cargill as a then holder of approximately
$25 million in principal amount of the Notes.
The Company has been engaged in a dialog with representatives of holders of
a substantial amount of the Notes with respect to the restructuring of the
Company's and its subsidiaries' obligations thereunder. Several specific
proposals have been exchanged between the bondholder representatives and the
Company. None of these proposals have been acceptable to both sides.
Significant differences remain and there can be no assurances that any agreement
will be reached. The discussions with the bondholder representatives are
continuing.
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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.
EVERGREEN INTERNATIONAL AVIATION, INC.
Date: September 5, 1996
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(Signature)
D. Michael Clark
Vice President and Chief Financial Officer
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