-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PG+fYO2OTGPmjC0sdsQj6ED88GDqdcmEvqVOjaziHGGCiK5QwNzGKj0mMLXSQ1Qq hY47MfBaAoIaMH7Mke75xg== 0000950134-99-009319.txt : 19991101 0000950134-99-009319.hdr.sgml : 19991101 ACCESSION NUMBER: 0000950134-99-009319 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991028 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPTEL INC CENTRAL INDEX KEY: 0001036712 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 954495524 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-26127 FILM NUMBER: 99737024 BUSINESS ADDRESS: STREET 1: 1111 W MOCKINGBIRD LANE STREET 2: SUITE 1000 CITY: DALLAS STATE: TX ZIP: 75247 BUSINESS PHONE: 2146343800 MAIL ADDRESS: STREET 1: 1111 W. MOCKINGBIRD LN. STREET 2: SUITE 1000 CITY: DALLAS STATE: TX ZIP: 75247 8-K 1 FORM 8-K 1 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): October 28, 1999 OPTEL, INC. (Exact name of registrant as specified in its charter) Delaware 95-4495524 - --------------------------------- ------------------------------- (State or other jurisdiction (I.R.S. Employer Identification of incorporation or organization) Number) 333-24881 ------------------------ (Commission File Number) 1111 West Mockingbird Lane, Suite 1000, Dallas, Texas 75247 ----------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (214) 634-3800 2 ITEM 5. OTHER MATERIALLY IMPORTANT EVENTS On October 28, 1999, the Registrant issued the press release attached hereto as Exhibit "A" announcing Registrant's voluntary Chapter 11 filing in the United States Bankruptcy Court in Delaware. As an additional item, Registrant reports that the Board of Directors of OpTel, Inc. is reconstituted as follows: R. Douglas Leonhard - Chairman Frederick W. Benn - Vice Chairman Michael E. Katzenstein - Director Alain Michel - Director ITEM 7. EXHIBITS Press Release, dated October 28, 1999. 3 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 thereunto duly authorized. Date: October 28, 1999 OpTel, Inc. ----------- (Registrant) By: /s/ SCOTT V. WILLIAMS ------------------------------------------ Name: Scott V. Williams Title: Vice President and General Counsel 4 EXHIBIT INDEX
Exhibit No. Description - ------- ----------- 99.1 Press Release, dated October 28, 1999
EX-99.1 2 PRESS RELEASE DATED OCTOBER 28, 1999 1 EXHIBIT 99.1 OPTEL, INC. ANNOUNCES VOLUNTARY CHAPTER 11 FILING Dallas, Texas, October 28, 1999 - OpTel, Inc. and certain of its affiliates and subsidiaries (the "Company") today announced a voluntary Chapter 11 filing in the United States Bankruptcy Court in Delaware. The filing allows the Company to operate its businesses in the normal fashion under court protection while it continues discussions with representatives of certain major creditors and others on a restructuring plan. The Company expects to have sufficient liquidity throughout the period of reorganization to ensure payment of its obligations incurred on an ongoing basis. The Company anticipates that it will complete its restructuring and emerge from Chapter 11 during 2000. The petitions filed by the Company have annexed thereto a consolidated Exhibit "A" which reflects that on a consolidated basis, the Company has assets of approximately $540,424,000 and liabilities of approximately $496,220,567. The Company's assets consist primarily of its video and telecommunications networks and customers, and its liabilities include primarily secured debt owed to two banks of approximately $10,000,000, other secured debt, capital lease claims, publicly traded 13% Senior Notes of approximately $226,218,611, publicly traded 11 1/2% Senior Notes of approximately $203,833,333, and unsecured trade liabilities. The instant filing is occasioned by the continued need for substantial capital and, in its existing condition, inability to obtain additional public or private debt and/or equity financing. "Today's filing helps the Company to serve its customers and operate its systems while it restructures its business," commented Michael Katzenstein, newly appointed President and CEO. R. Douglas Leonhard, an OpTel director since 1998 and who was named Chairman of the Board today said, "The Company will be managed to preserve the value of its assets and customers and to conserve capital to fund our ongoing operations. We believe we have embarked on a course of action which will benefit our creditors, employees and customers." The Company is a leading provider of communications services, including local and long distance telephone, cable television and high speed Internet access services, to residents of multiple dwelling units ("MDUs") in the United States. In each market that it serves, the Company seeks to become the principal competitor in the MDU marketplace to the incumbent local exchange carrier ("ILEC") and the incumbent franchise cable television operator by providing a package of voice, video and Internet access services at competitive prices. The Company currently provides cable television and telephone services in a number of metropolitan areas including Houston, Dallas-Fort Worth, Los Angeles, San Diego, San Francisco, Miami, Fort Lauderdale, Orlando, Tampa, Phoenix, Denver, Chicago, Atlanta, Indianapolis, and Greater Washington, D.C. The Company currently provides Internet access services in Houston, Dallas-Fort Worth, Denver and San Francisco. 1 2 This announcement contains "forward-looking" statements. OpTel, Inc. is subject to risks and other uncertainties that could cause such statements to prove incorrect. For a discussion of those risks and uncertainties, please refer to the Company's annual report on Form 10-K for fiscal year ended August 31, 1998. For further information, please contact: Waqar Nasim: (214) 634-4029 2
-----END PRIVACY-ENHANCED MESSAGE-----