-----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, BPddW7+8+0dftHJPGNF3lHtc/UbAOKSiMHp5j7b5KYMciOtZr3/w33+Ji8diltmZ 6C7R7MGnSK3XDdEIvywxig== 0000950149-97-001288.txt : 19970627 0000950149-97-001288.hdr.sgml : 19970627 ACCESSION NUMBER: 0000950149-97-001288 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970626 ITEM INFORMATION: Bankruptcy or receivership ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970626 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: STREAMLOGIC CORP CENTRAL INDEX KEY: 0000718865 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER STORAGE DEVICES [3572] IRS NUMBER: 953093858 STATE OF INCORPORATION: DE FISCAL YEAR END: 0329 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12046 FILM NUMBER: 97630604 BUSINESS ADDRESS: STREET 1: 21329 NORDHOFF ST CITY: CHATSWORTH STATE: CA ZIP: 91311 BUSINESS PHONE: 4158334833 MAIL ADDRESS: STREET 1: 21329 NORDHOFF STREET CITY: CHATSWORTH STATE: CA ZIP: 91311 FORMER COMPANY: FORMER CONFORMED NAME: MICROPOLIS CORP DATE OF NAME CHANGE: 19920703 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): JUNE 26, 1997 STREAMLOGIC CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 95-3093858 (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification number) COMMISSION FILE NUMBER: 0-12046 1555 ADAMS DRIVE MENLO PARK, CALIFORNIA 94025 (Address of principal executive offices and zip code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (415) 833-4833 (Former name or former address, if changed since last report) ================================================================================ 2 ITEM 3. BANKRUPTCY OR RECEIVERSHIP. On June 26, 1997, StreamLogic Corporation (the "Company") filed a voluntary petition in the United States Bankruptcy Court for the Northern District of California, San Francisco Division, seeking protection under Chapter 11 of the United States Bankruptcy Code. The Company will continue to operate as a debtor-in-possession, with its existing directors and officers, subject to the supervision and orders of the bankruptcy court. As of the date of this report, no plan of reorganization has been filed by the Company and no trustee has been appointed. Concurrent with the filing, the Company has applied to the Securities and Exchange Commission to modify its reporting obligations under the Securities Exchange Act of 1934, as amended. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. Exhibits 99.1 Press Release of StreamLogic Corporation dated June 26, 1997. 2 3 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. STREAMLOGIC CORPORATION (Registrant) Date: June 25, 1997 By /s/ MARK M. GLICKMAN ----------------------------- Mark M. Glickman Chief Financial Officer 3 4 EXHIBIT INDEX 99.1 Press Release of StreamLogic Corporation dated June 26, 1997. 4 EX-99.1 2 PRESS RELEASE 1 EXHIBIT 99.1 PRESS RELEASE OF STREAMLOGIC CORPORATION DATED JUNE 26, 1997 2 CONTACTS: Mark M. Glickman FOR IMMEDIATE RELEASE 415-833-4833 STREAMLOGIC CORPORATION MENLO PARK, CA -- June 26, 1997. StreamLogic Corporation announced today that it has filed a voluntary petition for relief under the provisions of Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of California, San Francisco Division. The Company's filing will allow the Company to restructure its financial obligations through a plan of reorganization. On June 17, 1997, the Company announced that its preliminary operating results for the fourth quarter and for the fiscal year ended March 28, 1997 (unaudited) were losses of $20.8 million and $16.1 million, respectively. The loss for the fiscal year included an extraordinary gain of $24.1 million during the third quarter relating to the exchange of the Company's 6% subordinated debentures for a combination of cash, increasing rate notes, common stock of the Company and warrants to purchase common stock of the Company (the "Bond Exchange"). In addition, the Company has been named as a defendant in a number of litigation matters, and the Company has been required to expend significant financial resources in defending such litigation. Effective June 25, 1997, the Company's securities were delisted from The Nasdaq Stock Market based on, among other factors, the Company's stock price, market capitalization and level of net tangible assets. In late 1996 and early 1997, the Company's Board of Directors was restructured through a combination of Board resignations and the appointment of new directors in connection with the Bond Exchange. A new management team was hired with experience in the turnaround of distressed 3 companies. Since that time, the Board and the new management team have pursued a course intended to bring financial stability to the Company, including a significant reduction in the Company's work force, relocation of the Company's corporate headquarters and consolidation of the Company's manufacturing, production facilities, engineering and research and development facilities into a single facility in Northern California. The bankruptcy proceeding is limited to StreamLogic Corporation. Subject to restrictions that may be imposed by the bankruptcy court, domestic and foreign business operations should continue with a minimum of disruptions or impediments. The Company intends to work diligently on formulation of a reorganization plan which strives to preserve the Company as a viable, going concern, while at the same time seeking to protect the interests of the Company's creditors, debt holders and shareholders. Certain statements contained in this release may be deemed "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. There are many factors that could cause the events in such forward looking statements not to occur, or to occur in a manner materially different from that contemplated by such forward looking statements, including the inability of the Company to implement a successful plan of reorganization. Accordingly, actual results could differ materially from those contemplated in such forward looking statements. -----END PRIVACY-ENHANCED MESSAGE-----