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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): December 3, 1997
MOLTEN METAL TECHNOLOGY, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-21042 52-1659959
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
400-2 TOTTEN POND ROAD, WALTHAM, MASSACHUSETTS 02154
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Address of principal executive offices
Registrant's telephone number, including area code: (781) 487-9700
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On December 3, 1997, Molten Metal Technology, Inc. issued a press release
stating that it, along with four affiliated companies, had filed a petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code. Such press release
is attached hereto as Exhibit 99.1 and incorporated by reference herein. The
petition was filed in the U.S. Bankruptcy Court for the District of
Massachusetts. The matter was assigned to Bankruptcy Judge Carol Kenner, and the
case numbers are as follows:
Molten Metal Technology, Inc. 97-21385-CJK
MMT of Tennessee Inc. 97-21386-CJK
MMT Federal Holdings, Inc. 97-21387-CJK
M4 Environmental Management Inc. 97-21388-CJK
M4 Environmental L.P. 97-21389-CJK
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit
Number Description of Document
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99.1 Press Release, dated December 3, 1997.
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.
MOLTEN METAL TECHNOLOGY, INC.
Dated: December 11, 1997 By: /s/ F. Gordon Bitter
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F. Gordon Bitter
Chief Executive Officer and
Chief Financial Officer
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Exhibit 99.1
FOR IMMEDIATE RELEASE
MOLTEN METAL TECHNOLOGY FILES UNDER CHAPTER 11
WALTHAM, Mass. -D December 3, 1997 -D Molten Metal Technology, Inc.
(NASDAQ:MLTN) announced today it has filed for reorganization under Chapter 11
of the Federal Bankruptcy Code together with four affiliates: MMT of Tennessee
Inc., MMT Federal Holdings, Inc., M4 Environmental Management Inc., and M4
Environmental L.P. The filing took place this morning at the federal bankruptcy
court in Boston, Mass.
"We will continue to operate our nuclear services business and our priority is
to continue to offer the highest quality service to our customers," said F.
Gordon Bitter, chief executive officer of Molten Metal Technology.
As previously reported, the company has engaged The Blackstone Group, an
investment banking firm, to review a range of strategic alternatives, including
obtaining financing, developing strategic partnerships, or the possible sale of
all or a portion of the company's assets. Discussions are underway with a number
of potentially interested financial institutions and partners, and the company
believes this Chapter 11 filing will provide additional time and opportunity to
seek to successfully consummate one or more transactions.
"The Chapter 11 filing will enable us to conserve cash while continuing to seek
financing and strategic partners to help us pursue our other target markets,"
said Bitter. "The filing also permits the company to devote its existing
resources to enhancing the value of our business." The company has retained Cohn
& Kelakos LLP of Boston as its Chapter 11 counsel.
Based in Waltham, Massachusetts, Molten Metal Technology, Inc. is an
environmental technology company commercializing pollution prevention and waste
recycling methods that are broadly applicable to a wide variety of hazardous,
non-hazardous, and radioactive wastes. The company's patented core technology,
Catalytic Extraction Processing (CEP), takes waste and transforms it into
reusable industrial products using a molten metal bath. Quantum-CEP, an
application of the technology designed for radioactive waste, reduces the volume
of radioactive materials, provides a safe final form for disposal or storage,
and can also produce some reusable industrial products. The company currently
operates two commercial Quantum-CEP facilities in Oak Ridge, Tenn.
Certain statements contained in this press release are forward-looking
statements within the meaning of federal securities laws, including statements
regarding the ability of the company to find a strategic partner for one or more
of its business segments, to sell some or all of its assets, to continue
operations during the
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reorganization process and to otherwise address its short-term and long-term
liquidity needs. These forward-looking statements are based largely on the
company's expectations and are subject to a number of risks and uncertainties,
many of which are beyond the company's control. These risks and additional
factors which may cause actual results to differ are described in the company's
filings with the Securities and Exchange Commission, including the company's
Annual Report on Form 10-K for the year ended December 31, 1996 and its
Quarterly Report on Form 10-Q for the nine months ended September 30, 1997.
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MOLTEN METAL TECHNOLOGY CONTACTS:
Michele Perry (Media) 781-487-7639
Kirsten Rankin (Investors) 781-487-7648
BLACKSTONE GROUP CONTACT:
Timothy Coleman 212-754-7352
COHN & KELAKOS CONTACT:
Daniel C. Cohn 617-951-2505
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