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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) May 25, 1999
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PRT FUNDING CORP.
PRATT CASINO CORPORATION
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(Exact name of each Registrant as specified in its charter)
DELAWARE 75-2502289
DELAWARE 33-69768 75-2502292
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o Advanced Casino Systems Corporation
200 Decadon Drive, Suite 100, Egg Harbor Township, New Jersey 08234
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (609) 441-0704
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(Former name or former address, if changed since last report.)
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Item 3. Bankruptcy or Receivership
On May 25, 1999, Pratt Casino Corporation ("PCC"), a wholly owned
subsidiary of Greate Bay Casino Corporation ("GBCC"), and PCC's wholly owned
subsidiaries, PRT Funding Corp. and New Jersey Management, Inc. (collectively,
the "Companies"), each filed voluntary petitions for reorganization under
Chapter 11 of the United States Bankruptcy Code with the United States
Bankruptcy Court for the District of Delaware. The cases are being jointly
administered under case number 99-1204.
On May 26, 1999, the Companies filed a joint plan of reorganization with
the Bankruptcy Court. The proposed reorganization is the result of negotiations
with the three largest holders of notes issued by PRT Funding Corp. who
collectively hold in excess of $82 million principal amount of the $85 million
PRT Funding Corp. note issue. As currently proposed in the reorganization plan,
and subject to receiving various approvals, the Companies' creditors other than
the PRT Funding note holders and affiliates of the Companies will be paid in
cash in full as their claims are approved. The PRT Funding note holders will
receive a cash payment of approximately $40.3 million as well as the beneficial
interests in a liquidating trust to be established. The liquidating trust will
receive substantially all of the Companies' assets with the exception of cash
required to pay non-affiliate creditors other than the PRT Funding note holders
and the rights of PCC under existing management and consulting agreements with
casinos owned by Hollywood Casino Corporation ("HCC"). On April 28, 1999, the
Companies entered into a voting agreement with HCC and the three largest holders
of the PRT Funding notes. The voting agreement provides that the three largest
note holders will vote in favor of the joint plan of reorganization and that HCC
will acquire PCC and its interest in the management and consulting agreements
and will fund the payment of PCC's remaining obligation of $40.3 million to the
PRT Funding note holders.
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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 thereunto duly authorized.
PRT FUNDING CORP.
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Registrant
Date: June 2, 1999 By: /s/ John C. Hull
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John C. Hull
President and Chief Executive Officer
PRATT CASINO CORPORATION
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Registrant
Date: June 2, 1999 By: /s/ John C. Hull
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John C. Hull
President and Chief Executive Officer
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