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UNITED STATES
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
Date of Report (Date of earliest event reported): August 23, 1999
COHO ENERGY, INC.
(Exact name of registrant
as specified in its charter)
TEXAS 0-22576 75-2488635
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
14785 PRESTON ROAD, SUITE 860, DALLAS, TEXAS 75240
(Address of principal executive offices)
Registrant's telephone number, including area code: (972) 774-8300
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
(a) On August 23, 1999, Coho Energy, Inc. (the "Company"), and its
wholly owned direct and indirect subsidiaries, Coho Resources, Inc., a Nevada
corporation, Coho Oil & Gas, Inc., a Delaware corporation, Coho Exploration,
Inc., a Delaware corporation, Coho Louisiana Production Company, a Delaware
corporation, and Interstate Natural Gas Company, a Delaware corporation
(collectively with the Company, the "Debtors"), jointly filed for protection
under Chapter 11 of the United States Bankruptcy Reform Act of 1978, as
amended, in the United States Bankruptcy Court, Northern District of Texas,
Dallas Division (jointly administered under Case No. 99-35929). No receiver has
been appointed as the Debtors intend to remain as debtors-in-possession. A
press release of the Company, attached hereto as Exhibit 99.1, contains more
information regarding the bankruptcy proceeding and is incorporated by
reference herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS
(99.1) Company Press Release dated August 23, 1999.
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SIGNATURE
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 thereunto duly authorized.
COHO ENERGY, INC.
Date: October 5, 1999 By: /s/ Anne Marie O'Gorman
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Anne Marie O'Gorman
Senior Vice President and
Corporate Secretary
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Description
- -------------- -----------
<S> <C>
(99.1) Coho Energy, Inc. Press Release dated August 23, 1999 (filed
herewith).
</TABLE>
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[COHO ENERGY, INC. LETTERHEAD]
COHO SEEKS BANKRUPTCY PROTECTION
Dallas, Texas -- August 23, 1999, Coho Energy, Inc. (COHO:OTC BB) announced that
this morning in Federal Bankruptcy Court, Dallas, the Company filed a petition
for Chapter 11 bankruptcy protection. The decision to seek protection was taken
by Coho and certain subsidiaries because the Company now believes that the
resolution of a restructuring cannot be completed without the protection and
assistance of the bankruptcy court. Timing of the bankruptcy filing was imposed
by several factors including the acceleration of the Company's $240 million
indebtedness by its bank creditors on August 19th, the inability of the banks
and the bondholders (the two large creditor groups) to reach a satisfactory
agreement with each other, and the potential for one of the bondholder's being
granted a summary judgement in its lawsuit against the Company for full payment
of principal and past due interest. The lack of liquidity during the
restructuring period has made the process of working through this problem more
difficult. Coho is continuing to discuss a solution to its capital needs with
the banks, the bondholders and other potential investors. The Company expects to
file a plan of reorganization with the bankruptcy court in the near future.
Coho Energy Inc., is a Dallas based independent oil and gas producer focusing
on exploitation of underdeveloped oil properties in Oklahoma and Mississippi.
Contact: Jeffrey Clarke, Chairman and CEO or Anne Marie O'Gorman, Sr. Vice
President at 972/774-8300.
