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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): March 9, 1998
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.)
421 CURRANT ROAD, FALL RIVER, MASSACHUSETTS 02720
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Address of principal executive offices
Registrant's telephone number, including area code: (508) 675-3900
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ITEM 5. OTHER EVENTS
SECURING OF MEDIUM-TERM DEBTOR-IN-POSSESSION FINANCING
On December 3, 1997 Molten Metal Technology, Inc. (the "Company") and its
subsidiaries filed a voluntary petition for reorganization under Chapter 11 of
the U.S. Bankruptcy Code. On December 22, 1997 the Company secured a short-term
loan of $7.7 million from affiliates of Morgens, Waterfall, Vintiadis & Company,
Inc. (the "Lender") to fund continued operations and to allow the Company time
to secure medium-term financing from various potential financing sources,
including from the Lender.
On March 9, 1998 the Company issued a press release announcing it had
received Bankruptcy Court approval for a $20 million loan facility from the
Lender. Such press release is attached hereto as Exhibit 99.1 and incorporated
by reference herein. The $20 million financing will be used to repay the
short-term loan received from the Lender and to enhance the operations of the
Company's two operating plants in Oak Ridge, Tennessee. The loan is due at the
end of 1999. The Company anticipates that the loan closing and initial advance
of funds will take place within the next two weeks.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit
Number Description of Document
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99.1 Press Release, dated March 9, 1998.
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: March 10, 1998 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 Receives Court Approval For $20 Million Financing
Financing To Move Company Toward Cash Positive Operations
Fall River, Mass. - March 9, 1998 - Molten Metal Technology, Inc. announced
today it received court approval today for a $20 million loan facility from
affiliates of Morgens, Waterfall, Vintiadis & Company, Inc.
"Following a detailed review of Molten Metal Technology, Inc., we are
pleased to extend longer term financing, " said Victor Simonte of Morgens,
Waterfall, Vintiadis. "We believe that Molten Metal's CEP technology offers
great promise for addressing some of the world's most challenging waste
problems".
"Approval of this financing is a huge milestone for Molten Metal and a
validation from the financial community of CEP's value to the marketplace," said
F. Gordon Bitter, chief executive officer of Molten Metal Technology. "I expect
this $20 million loan to allow us to achieve cash-flow positive operations. Our
commercial plants in Oak Ridge continue to operate successfully and we have
retained a core team of talented employees to move the company forward".
Molten Metal Technology is the world's largest processor of low-level
radioactive ion exchange resin waste and is a market leader in the processing of
mixed (hazardous and radioactive) waste. The company is also pursuing
opportunities worldwide to use its proprietary technology to convert hazardous
industrial waste to useful products.
The $20 million financing will be used to repay the $7 million in
short-term financing received from Morgens, Waterfall in December and to enhance
the operations of Molten Metal's two operating plants in Oak Ridge, Tenn. The
loan is due at the end of 1999. The company anticipates that the loan closing
and initial advance of funds will take place within 11 days. Molten Metal
Technology announced in February 1998 that it had filed for approval of the
proposed $20 million financing from the Federal Bankruptcy Court in Boston.
Based in Fall River, Mass., Molten Metal Technology, Inc. is an
environmental technology company commercializing pollution prevention and waste
recycling methods that are broadly applicable to a 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 bath.
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Quantum-CEP(R)(Q-CEP), an application of the technology designed for radioactive
waste, reduces the volume of radioactive materials and provides a safe final
form for disposal or storage. Molten Metal Technology, which currently operates
two commercial Quantum-CEP(R) facilities in Oak Ridge, Tenn., filed for
reorganization under Chapter 11 of the Federal Bankruptcy Code on December 3,
1997.
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 move toward cash-flow positive
operations. 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 its control, including: technical or mechanical problems in the
start-up or operations of the company's CEP facilities and the ability of the
company's CEP facilities to generate sufficient revenue for the company to
achieve cash flow positive operations. 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 most recent
quarterly reports on Forms 10Q and 10-QA for the quarter ended September 30,
1997.
MOLTEN METAL TECHNOLOGY CONTACT:
Gordon Bitter 508-324-6497
Chief Executive Officer
