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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 19, 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.
On February 19, 1997, MobileMedia Corporation issued
the press release attached hereto as Exhibit 99.1,
all of the terms of which are incorporated by
reference herein.
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 19, 1997 By: /s/ Santo J. Pittsman
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Santo J. Pittsman
Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Page
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Exhibit 99.1 -- Press Release dated February 19, 1997
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EXHIBIT 99.1
[MOBILEMEDIA LETTERHEAD]
FOR IMMEDIATE RELEASE
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For: MOBILEMEDIA CORPORATION
Media Contact: Krista Grossman -- 212/484-7760
Investor Contact: Laura Wilker -- 201/462-4959
[LOGO] MOBILEMEDIA GRANTED FINAL COURT APPROVAL
MobileMedia FOR $200 MILLION DIP FACILITY
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Company Gains Access to $100 Million in DiP Funds
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RIDGEFIELD PARK, NEW JERSEY, FEBRUARY 19, 1997 -- MobileMedia Corporation
[Nasdaq: MBLMQ] announced today that the bankruptcy court entered a final
order approving the Company's debtor-in-possession ("DiP") facility. As
previously announced, the Company has entered into a DiP loan agreement with
The Chase Manhattan Bank, as agent, providing for up to $200 million of DiP
financing.
On January 30, 1997, the bankruptcy court entered an interim order approving
the DiP facility, as a result of which the Company gained access to $70
million of the DiP funds, subject to certain conditions that have been
satisfied, of which it has used $48 million to pay certain key suppliers,
among other things. As a result of today's final order, the Company will gain
access to an additional $30 million of 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.
One of the conditions for borrowing under the DiP facility was that
certain key suppliers of paging equipment shall have entered into agreements
with the Company to sell equipment and provide services. The Company announced
on February 10, 1996 that it had received court approval to pay the
pre-petition claims of certain key suppliers and that it had entered into
agreements with those suppliers, including Motorola, the Company's largest
supplier of pagers. The Company also said at that time that it has placed
orders with Motorola and Glenayre, the Company's largest supplier of
infrastructure equipment, and that Motorola and Glenayre will commence
shipping product shortly.
Joseph A. Bondi, Chairman - Restructuring, said: "Three weeks after filing
for chapter 11 protection we have made considerable progress in achieving our
initial objectives: we have added the strong leadership of Ron Grawert, who
recently came on board as Chief Executive Officer; we now have access to
substantial additional capital in the form of DiP financing; and, as a result
of agreements reached with Motorola and other key suppliers, we are back on a
normal order cycle for pagers and other equipment. Our chapter 11 proceeding
is progressing as expected with no interruption in service to our customers."
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2
MobileMedia is the second largest provider of paging and personal
communications services in the United States, offering local, regional and
nationwide coverage to approximately 4.4 million subscribers in all 50
states, Canada and the Caribbean. The Company operates two one-way nationwide
networks and is licensed to operate two nationwide narrowband PCS networks.
The agreement relating to the DiP facility and the agreements with Motorola,
Glenayre and the other key suppliers are publicly available through the
bankruptcy court. Statements contained in this release that are not based on
historical fact are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. The "Risk Factors" and
cautionary statements identifying important factors that could cause actual
results to differ materially from those in the forward-looking statements are
detailed in the Company's 1995 10-K filing with the Securities and Exchange
Commission.
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