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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): January 5, 2001
PIONEER CORPORATION OF AMERICA
(Exact name of registrant as specified in its charter)
DELAWARE 1-9859 06-1420850
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File No.) Identification No.)
700 LOUISIANA, SUITE 4300, HOUSTON, TEXAS 77002
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 713-570-3200
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
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ITEM 5. Other Events.
On January 5, 2001, Pioneer Companies, Inc. ("Pioneer"), the parent of
the Registrant, issued a press release announcing that the Registrant, did not
make principal payments that were due on December 28, 2000 on its two classes of
floating rate term notes issued in 1997. The press release also disclosed that
Pioneer has terminated previously-announced discussions with respect to a
short-term credit facility, and is developing a more comprehensive financial
restructuring program, for which it will solicit the consent of its lenders at
the earliest practical time.
It was also announced that Pioneer has engaged Wasserstein Perella &
Co., Inc. to assist in developing the restructuring plan, obtaining necessary
consents and securing any necessary financing, and that Weil Gotshal & Manges
has been retained as special restructuring counsel.
In the press release, Pioneer emphasized that it is continuing to pay
its vendors in the ordinary course of business, and that it continues to have
positive cash flow from operations despite very high power prices that are
affecting costs and volume.
ITEM 7. Financial Statements and Exhibits.
The following exhibit is filed with this report:
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EXHIBIT NO. DESCRIPTION
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99(a) Press Release issued by Pioneer Companies, Inc. on
January 5, 2001.
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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
January 8, 2001 By: /s/ PHILIP J. ABLOVE
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Philip J. Ablove
Executive Vice President and
Chief Financial Officer
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INDEX TO EXHIBITS
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EXHIBIT
NUMBER DESCRIPTION
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99(a) Press Release issued by Pioneer Companies, Inc. on January 5,
2001.
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