-----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, Dhn5j9Z/hcplG3jj/yC/G0o/p9cOezTMHeALXtv2dKbEOMZKc0XPcFmfcRjvAp4N elHua00eyik2JumuVioyfA== 0000909518-98-000211.txt : 19980401 0000909518-98-000211.hdr.sgml : 19980401 ACCESSION NUMBER: 0000909518-98-000211 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980330 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980331 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRAND UNION CO /DE/ CENTRAL INDEX KEY: 0000316236 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 221518276 STATE OF INCORPORATION: DE FISCAL YEAR END: 0328 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-07824 FILM NUMBER: 98580739 BUSINESS ADDRESS: STREET 1: 201 WILLOWBROOK BLVD CITY: WAYNE STATE: NJ ZIP: 07470-0966 BUSINESS PHONE: 2018906000 MAIL ADDRESS: STREET 1: 201 WILLOWBROOK BLVD CITY: WAYNE STATE: NJ ZIP: 07470 FORMER COMPANY: FORMER CONFORMED NAME: SUCCESSOR TO GRAND UNION CO/VA/ DATE OF NAME CHANGE: 19600201 8-K 1 THE GRAND UNION COMPANY ================================================================================ 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): March 30, 1998 THE GRAND UNION COMPANY - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter Delaware - -------------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 0-26602 22-1518276 - -------------------------------------------------------------------------------- (Commission File Number) (I.R.S. Employer Identification No.) 201 Willowbrook Boulevard Wayne, New Jersey 07470 - ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) (973) 890-6000 - -------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) Not applicable - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) NYFS03...:\18\50318\0005\1708\FRM3298S.490 Item 5. OTHER EVENTS. Reference is made to the Press Release, dated March 30, 1998, attached hereto as Exhibit 99.1 and incorporated herein by reference. Item 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits 99.1 Press Release, dated March 30, 1998. 2 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. THE GRAND UNION COMPANY Dated: March 31, 1998 By: /s/ Jeffrey P. Freimark --------------------------------- Name: Jeffrey P. Freimark Title: Executive Vice President and Chief Financial Officer 3 EXHIBIT INDEX Exhibit ------- 99.1 Press Release, dated March 30, 1998 4 EX-99 2 Exhibit 99.1 For further information: Jim Fingeroth, Wendi Kopsick Kekst and Company (212) 521-4800 FOR IMMEDIATE RELEASE - --------------------- GRAND UNION AGREES ON RESTRUCTURING TERMS WAYNE, NJ, March 30, 1998 -- The Grand Union Company announced today that it has entered into an agreement in principle on terms of a capital restructuring plan with an unofficial committee of holders of its Senior Notes. The Company has been advised that the committee represents more than $275 million of the Company's nearly $600 million in notes. Among other conditions, the agreement in principle is subject to formal documentation and the Company obtaining a new $300 million credit facility on acceptable terms. The new credit facility would replace an existing $250 million credit facility. Under terms of the proposed restructuring plan, trade and business creditors will be unimpaired and will continue to be paid in the ordinary course. The proposed plan also calls for the Company's Senior Notes to be cancelled and exchanged for substantially all of the reorganized Company's common stock. The Company's existing common stock will be cancelled and, subject to obtaining the requisite consent of the Senior Noteholders and the holders of the Company's preferred stock, exchanged for new five-year warrants to purchase approximately 2% of the new common stock at an exercise price of $19.82 per share. Under the proposed plan, the Senior Noteholders have proposed that the Company's existing preferred stock will be cancelled and the holders will be offered the right to receive cash or new common stock. It is intended that the restructuring will be effected through a voluntary prepackaged Chapter 11 filing. If all preliminary conditions are met, the Company anticipates the commencement of solicitations of consent by the end of April with a Chapter 11 filing approximately 30 days later. Grand Union currently operates 222 retail food stores in six Northeastern states. Sales last year totaled $2.3 billion. -----END PRIVACY-ENHANCED MESSAGE-----