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): June 30, 1997
JAYHAWK ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
TEXAS 0-26410 75-2486444
(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
BRYAN TOWER
2001 BRYAN STREET
SUITE 600 75201
DALLAS, TEXAS (ZIP Code)
(Address of principal executive offices)
Registrant's telephone number, including area code (214) 754-1000
<PAGE>
ITEM 5. OTHER EVENTS
Reference is made to the press release issued to the public by the
Registrant on June 30, 1997, the text of which is attached hereto as Exhibit
99.1, for a description of the events reported pursuant to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
99.1 Text of Press Release dated June 30, 1997.
<PAGE>
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 hereunto duly authorized.
JAYHAWK ACCEPTANCE CORPORATION
Date: July 1, 1997 By: /s/ JACK T. SMITH
-----------------
Jack T. Smith
President and Chief Operating Officer
JAYHAWK
ACCEPTANCE CORPORATION
Page 1 of 1
NEWS RELEASE
For Immediate Release: June 30, 1997 For Further Information:
Virginia L. Cleveland
214/754-1016
Dallas, Texas - Jayhawk Acceptance Corporation (NASDAQ: JACCQ) reported today
that collections from its automobile installment sale contracts, particularly
in June, have been below the levels contemplated by its agreement with its
primary secured lender. Unless actual collections exceed those currently
projected, under this agreement the Company would be required to make
prepayments to the lender that would jeopardize its ability to make the other
payments contemplated by its presently filed plan of reorganization within the
time periods provided therein. Consequently, the Company intends to discuss
with its secured lender and the unsecured creditors committee revisions in the
timing of the payments contemplated by the plan of reorganization. Any
revisions in the timing of such payments would require amendments to the plan
of reorganization as presently filed. The Company anticipates that any
amended plan of reorganization would continue to provide for full payment of
its indebtedness and contractual obligations. There can be no assurance that
the Company will reach an agreement with the secured lender or the unsecured
creditors committee regarding revisions in the timing of the payments
contemplated by its plan of reorganization or that any amended plan of
reorganization will be confirmed.
Except for the historical information contained herein, the matters
discussed in this press release, including projected collections, are forward
looking statements that are dependent upon a number of risks and uncertainties
that could cause actual results to differ materially from those in the forward
looking statements. These risks and uncertainties include the recoverability
of advances paid to dealers and physicians for contracts and loans, the
delinquency and default rates with respect to the contracts and loans included
in the Company's portfolio, the impact of competitive services and products,
changes in market conditions, the limited operating history of Jayhawk's
medical finance business, the impact of changes in regulation or litigation,
the management of growth and the other risks described in the Company's SEC
filings. The Company does not intend to provide updated information about the
matters referred to in these forward looking statements, other than in the
context of management's discussion and analysis in the Company's quarterly and
annual reports on Form 10-Q And 10-K.
Jayhawk Acceptance Corporation is a specialized financial services
company headquartered in Dallas, Texas
-END-
