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):
June 1, 1999
GB PROPERTY FUNDING CORP.
GB HOLDINGS, INC.
GREATE BAY HOTEL AND CASINO, INC.
(Exact name of Registrant as specified in its Charter)
Delaware 75-2502290
Delaware 75-2502293
Delaware 33-69716 22-2242014
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(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification
Number)
c/o Sands Hotel & Casino
Indiana Avenue and Brighton Park, 9th Floor
Atlantic City, New Jersey 08401
(Address of principal executive office) (Zip Code)
Registrant's telephone number including area code: (609) 441-4517
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Not Applicable
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(Former name and former address, as changed since last report)
<PAGE>
Item 5. Other Events
On June 1, 1999, GB Property Funding Corp. ("GB Property Funding"),
GB Holdings, Inc. ("Holdings"), and Greate Bay Hotel & Casino, Inc. ("GBHC"),
(collectively, the "Debtors") filed with the United States Bankruptcy Court for
the District of New Jersey a plan of reorganization and disclosure statement
(the "Plan") which provides for, among other things, the distribution to holders
of first mortgage notes for the benefit of GBHC issued by GB Property Funding of
$80 million, principal amount of new First Mortgage Notes and 100% of the new
Common Stock of Holdings. The Plan also provides that all of the outstanding
Common Stock of Holdings, GB Property Funding and GBHC will be cancelled and
that new Common Stock of GB Property Funding and GBHC will be issued to
Holdings.
There can be no assurance that the Plan will be confirmed in its present
form or that the transactions contemplated thereby will be consummated.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
GB PROPERTY FUNDING CORP.
Dated: June 15, 1999 By: /s/ Timothy A. Ebling
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Name: Timothy A. Ebling
Title: Executive Vice President and
Chief Financial Officer
GB HOLDINGS, INC.
Dated: June 15, 1999 By: /s/ Timothy A. Ebling
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Name: Timothy A. Ebling
Title: Executive Vice President and
Chief Financial Officer
GREATE BAY HOTEL AND CASINO, INC.
Dated: June 15, 1999 By: /s/ Timothy A. Ebling
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Name: Timothy A. Ebling
Title: Executive Vice President and
Chief Financial Officer
