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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): DECEMBER 15, 1998
AMPACE CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-25352 363988574
(Commission File Number) (I.R.S. Employer Identification No.)
201 PERIMETER PARK, SUITE A, KNOXVILLE TENNESSEE, 37922
(Address of principal executive offices, including Zip Code)
(423) 691-5799
(Registrant's telephone number, including Area Code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On December 15, 1998, Ampace Corporation, a Delaware corporation (the
"Company") filed a voluntary petition for protection under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware (the "Bankruptcy Court"), Bankruptcy Case No. 98-2772. The
Company's subsidiary, Ampace Freightlines, Inc. ("Freightlines") also filed a
Chapter 11 petition with the Bankruptcy Court on December 15, 1998, Bankruptcy
Case No. 98-2773. Both Company and Freightlines are continuing in possession of
their property as debtors in possession under the supervision of the Bankruptcy
Court. On December 16, 1998, the Company disseminated the press release filed
with this Current Report on Form 8-K as provided in Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of business acquired:
Not Applicable
(b) Pro Forma financial information:
Not Applicable
(c) Exhibit:
99.1 Company's press release dated December 15, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Corporation as registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
AMPACE CORPORATION
Dated: December 30, 1998 By: /s/ David Freeman
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David Freeman, Chief Executive Officer
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EXHIBIT 99.1
NEWS RELEASE
DECEMBER 15, 1998
AMPACE SEEKS BANKRUPTCY COURT PROTECTION
TO COMPLETE RESTRUCTURE PLAN
KNOXVILLE -- As part of its continuing reorganization, Ampace Corporation filed
for Chapter 11 Bankruptcy protection today in Wilmington, Delaware. David
Freeman, CEO, stated "that Ampace needed time to either complete negotiations
with buyers interested in purchasing a substantial portion of the company's
assets or participating in restructure of the company's business. The Berwind
Financial Group has been assisting the company in identifying buyer interest and
sale negotiation. The process is expected to be completed early next year.
Ampace is a Southeastern based carrier that grew rapidly by making acquisitions
following an initial public stock offering in 1995. However, in mid-1998 the
company announced a restructuring plan that in recent months resulted in the
sale of two shorthaul trucking divisions and the consolidation and shut down of
its specialty truckload operation servicing the furniture industry.
Ampace's continuing business includes a dedicated fleet and specialty carpet
transport services operating out of Calhoun, Georgia and a longhaul carrier
serving the paper and automotive industries from its terminal in Monroe,
Louisiana. David Freeman adds that "these two divisions have contributed
operating profits to Ampace during the year and represent a base of business
around which Ampace can restructure its business to move forward as a profitable
independent company. The company continues to operate a modern fleet consisting
of 150 tractors and over 350 trailers at competitive service levels with an
established base of drivers and customers."
