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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): December 15, 2000
PIONEER CORPORATION OF AMERICA
(Exact name of registrant as specified in its charter)
DELAWARE 1-9859 06-1420850
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File No.) Identification No.)
700 LOUISIANA, SUITE 4300, HOUSTON, TEXAS 77002
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 713-570-3200
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEM 5. Other Events.
On December 15, 2000, Pioneer Companies, Inc. ("Pioneer"), the parent of
the Registrant, issued a press release announcing that the Registrant was
delaying the payment of interest due on December 15, 2000, on its outstanding 9
1/4% Senior Secured Notes due June 2007. The press release also disclosed that
Pioneer has entered into discussions with an institutional investor with respect
to a three-year credit facility of up to $35 million subject to specified
conditions. It was stated that if the new financing is consummated within thirty
days, the Registrant will be able to pay the delayed interest payment within the
grace period allowed by the Notes, and that necessary consents will be sought
from the holders of Pioneer's senior indebtedness. Further, Pioneer disclosed
that if the financing is not arranged or if the necessary consents are not
obtained, Pioneer will seek a restructuring of the senior indebtedness.
ITEM 7. Financial Statements and Exhibits.
The following exhibit is filed with this report:
EXHIBIT NO. DESCRIPTION
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99(a) Press Release issued by Pioneer Companies, Inc.
on December 15, 2000.
SIGNATURE
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.
PIONEER CORPORATION OF AMERICA
December 19, 2000 By: /s/ PHILIP A. ABLOVE
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Philip A. Ablove
Executive Vice President and
Chief Financial Officer
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