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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
Date of Report (Date of earliest event reported): February 6, 1997
MOBILEMEDIA CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-26320 22-3253006
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
65 Challenger Road, Ridgefield Park, New Jersey 07660
(Address of principal executive offices)
(Zip Code)
(201) 440-8400
(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 1. Changes in Control of Registrant
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership
Item 4. Changes in Registrant's Certifying Accountant
Not Applicable.
Item 5. Other Events.
As previously announced, on January 30, 1997,
MobileMedia Corporation and most of its subsidiaries
(collectively, the "Company") filed a voluntary
petition under chapter 11 of the U.S. Bankruptcy
Code in the U.S. Bankruptcy Court for the District
of Delaware (the "Court"). In connection therewith,
the Company sought approval of the Court to pay the
pre-petition claims of certain key suppliers,
including Motorola, Inc., Glenayre Electronics,
Inc., NEC and Panasonic, in the aggregate amount of
approximately $47.4 million, which approval was
granted by the Court on February 6, 1997. Upon entry
of the order, the Company entered into a supply
agreement with each key supplier.
The Company has placed orders with Motorola, the
Company's largest supplier of pagers, and under its
agreement Motorola will commence shipping product
shortly after it receives payment of its pre-petition
claim, which the Company expects to pay promptly.
The Company has entered into a debtor-in-possession
("DiP") loan agreement with The Chase Manhattan
Bank, as agent, that will provide the Company with
up to $200 million of DiP financing. The Company's
agreements with Motorola and the other key suppliers
satisfy one of the significant conditions under the
DiP agreement, and the Company can now borrow up to
$70 million under the DiP facility. At a hearing on
January 30, 1997, the Court entered an interim order
approving the DiP facility, as a result of which the
Company gained access to such $70 million of DiP
funds, subject to the satisfaction of the condition
relating to key suppliers, which has now been
satisfied. A hearing by the Court for final approval
of the DiP facility is scheduled for February 19,
1997. Assuming final approval is granted at that
hearing, the Company will gain access to an
additional $30 million of additional DiP funds for a
total of $100 million. The remaining $100 million of
DiP funds will become available on May 1, 1997 if
the Company delivers a business plan by April 15,
1997 that is approved by the banks' financial advisor.
Item 6. Resignations of Registrants Directors.
Not Applicable
Item 7. Financial Statements and Exhibits.
Not Applicable
Item 8. Change in Fiscal Year.
Not Applicable
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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.
MOBILEMEDIA CORPORATION,
a Delaware corporation
Date: February 6, 1997 By: /s/ Santo J. Pittsman
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Santo J. Pittsman
Senior Vice President and
Chief Financial Officer
