-----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, MFcPhap70jm9UboNY4I98rZ7OUgWBNGWPb0d3mYKgrRAS4g5lcjvsWwP5ksaH7W8 Vr29kRAwSwoaisSSkCA0Xw== 0001130319-01-500030.txt : 20010510 0001130319-01-500030.hdr.sgml : 20010510 ACCESSION NUMBER: 0001130319-01-500030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010507 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOEWEN GROUP INC CENTRAL INDEX KEY: 0000845577 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PERSONAL SERVICES [7200] IRS NUMBER: 980121376 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12163 FILM NUMBER: 1626102 BUSINESS ADDRESS: STREET 1: 2225 SHEPPARD AVENUE EAST CITY: TORONTO ONTARIO CANA STATE: A1 ZIP: V5G 3S8 BUSINESS PHONE: 6042999321 MAIL ADDRESS: STREET 1: 2225 SHEPPARD AVENUE EAST CITY: TORONTO ONTARIO CANA STATE: A1 8-K 1 o05621e8-k.txt 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) May 7, 2001. THE LOEWEN GROUP INC. (Exact name of registrant as specified in its charter) British Columbia, Canada 0-18429 98-0121376 - ---------------------------- ------------------------ ------------------ (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 4126 Norland Avenue, Burnaby, British Columbia V5G 3S8 - -------------------------------------------------------------------------------- (Address of principal executive offices) (zip code) Registrant's telephone number, including area code 604-299-9321 ----------------------------- N/A ------------------------------------------------------------- (Former name or former address, if changed since last report) Exhibit Index is on page 3 Page 1 of 5 2 ITEM 5. OTHER EVENTS. Pursuant to Form 8-K, General Instructions F, registrant hereby incorporates by reference the press release attached hereto as Exhibit 99. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. Exhibit No. Description ----------- ----------- Exhibit 99 The Loewen Group Inc. Press Release dated May 7, 2001. 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. Dated: May 7, 2001. THE LOEWEN GROUP INC. By: /s/ Peter S. Hyndman ------------------------------------- Name: Peter S. Hyndman Title: Corporate Secretary 3 EXHIBIT INDEX
Sequential Number Exhibit Page Number - ------ ------- ----------- 99 The Loewen Group Inc. 4 Press Release dated May 7, 2001
EX-99 2 o05621ex99.txt EXHIBIT 99 1 THE LOEWEN GROUP INC. - -------------------------------------------------------------------------------- NEWS Media Contact: James Hoggan & Associates Inc. Pam Whitworth (604) 739-7500 or Email: pwhitworth@hoggan.com Investor Contact: (800) 347-7010 FOR IMMEDIATE RELEASE LOEWEN GROUP TO FILE REVISED PLAN OF REORGANIZATION ---------------------------------- Toronto Ontario, May 7, 2001----The Loewen Group Inc. ("the Company") today announced that it will file a Second Amended Plan of Reorganization with the United States Bankruptcy Court for the District of Delaware. That filing is expected to occur within the next two weeks. Management believes that, operationally, the Company is ready, and has been ready since at least October, 2000, to emerge from the pending Chapter 11 and CCAA proceedings. However, confirmation of a plan of reorganization has been prevented by one principal issue--a continuing dispute among certain creditor groups as to whether holders of the Company's Series 3, 4, 6 and 7 Senior Notes and Pass-through Asset Trust Securities ("PATS") are secured and entitled to the benefits of the collateral held under the terms of the Collateral Trust Agreement ("CTA"). As earlier reported, the United States Bankruptcy Court, in January, 2001, initiated a mediation process aimed at achieving a settlement of the CTA dispute. The Court appointed as mediator a highly-respected law professor and authority on commercial and bankruptcy law. Pursuant to the Court's order, the mediator extensively researched, reviewed and evaluated the positions presented by the various creditor groups in light of law pertinent to the CTA dispute. The mediator also conducted formal and informal mediation sessions in addition to working directly with representatives of and advisors to principal creditor groups and the Company. The mediation did not produce a consensual resolution of the CTA issue. However, the mediator has provided a report to the Company recommending a range of possible adjustments to the Company's previously-filed Plan of Reorganization based upon his objective evaluation of the probabilities of success of the various legal and factual arguments presented by the various parties. The Second Amended Plan of Reorganization to be filed by the Company will adopt the mediator's recommendations and will propose creditor recoveries at the mid-point of the mediator's recommended range. Continued.... 2 Specifically, the Second Amended Plan will differ from the Plan filed on February 16, 2001, primarily in that holders of various securities claiming the benefits of the collateral held under the terms of the CTA will no longer be treated on a pari passu basis. Instead, subject to adjustment as a result of the Company's ongoing review of claims estimates, the proposed aggregate recoveries for holders of the Series 6 and 7 Senior Notes and PATS will be reduced from the levels shown in the February 16, 2001 Plan by approximately $87.4 million; the aggregate recoveries for holders of Series 3 and 4 Senior Notes will be increased by approximately $14.6 million; and the aggregate recoveries for the holders of the Company's bank debt, and Series D, E, 1, 2, and 5 Senior Notes will be increased by approximately $72.8 million. Subject to the continuing claims review, it is anticipated that other creditor groups will not be materially affected by the changes to the Plan. As explained in the Plan and related Disclosure Statement, all projections of creditor recoveries in the Plan are estimates based upon certain considerations and assumptions set forth therein. It is the intention of the Company to ask the United States Bankruptcy Court to approve submittal of this Second Amended Plan to a vote of the Company's creditors. Safe Harbor: Certain statements contained in this press release, including, but not limited to, information regarding the future economic performance and financial condition of the Company, the status and progress of the Company's reorganization, the plans and objectives of the Company's management and the Company's assumptions regarding such performance and plans, are forward-looking in nature. Factors that could cause actual results to differ from the forward - looking information contained in this release include, but are not limited to, uncertainty regarding the continued progress and timing of the Company's reorganization, the resolution of issues relating to certain indebtedness of the Company and other issues presented by the reorganization, the acceptance of the Company's proposed Plan of Reorganization, general economic conditions, the Company's ability to implement its business plan, the Company's future competitive position and the continued progress of the Company's disposition program. # # # -----END PRIVACY-ENHANCED MESSAGE-----