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 1, 1999
UNITED COMPANIES FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
LOUISIANA
(State or Other Jurisdiction of Incorporation)
1-7067 71-0430414
(Commission File (I.R.S. Employer
Number) Identification No.)
4041 Essen Lane 70809
Baton Rouge, Louisiana (Zip Code)
(Address of Principal
Executive Offices)
(225) 987-0000
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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Item 2. Acquisition or Disposition of Assets.
As previously disclosed in a press release filed
under cover of a Form 8-K on June 3, 1999, which Form 8-K
and press release are incorporated herein by reference, on
June 1, 1999, United Companies Financial Corporation
completed the sale of a substantial portion of its retail
lending platform, UC Lending(R), to Aegis Mortgage Corporation
("Aegis"), a mortgage company based in Houston, Texas.
Under the terms of the sale, Aegis paid $3 million, plus an
additional $7.3 million to cover the May, 1999 operating
expenses relating to 127 branch offices and related retail
lending assets. Aegis also assumed the post-closing
obligations under the leases to the 127 branch offices and
under the equipment leases, auto leases and other contracts
and agreements associated with operating these branch
offices and the Baton Rouge home office facilities of the
retail lending platform. In addition, Aegis purchased all of
the loans closed by UC Lending(R) during the month of May,
1999. A copy of the Asset Purchase Agreement and a copy of
a letter related to prorations of payments made pursuant
thereto are filed as exhibits hereto.
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Financial Statements of Business Acquired.
(b) In accordance with Item 7(a)(4) of Form 8-K, any
financial statements required to be filed with the
Commission will be filed as an amendment to this report
under cover of Form 8-K/A on or before July 16, 1999.
(c) Exhibits
Exhibit Exhibit
No.
10.1 Asset Purchase Agreement by and among United
Companies Financial Corporation, as Debtor
and Debtor-in-Possession, the other Sellers
party thereto, the Related Parties party
thereto, United Realty XII L.L.C., in the
limited capacity stated therein, United
Companies Realty L.L.C., in the limited
capacity stated therein, Aegis Mortgage
Corporation as Purchaser, and Cerberus
Partners, L.P., in the limited capacity
stated therein, dated as of April 26, 1999.
10.2 Proration Letter, dated June 1, 1999
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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.
Date: June 15, 1999
UNITED COMPANIES FINANCIAL
CORPORATION
By: /S/ MICHAEL W. TRICKEY
---------------------------
Michael W. Trickey
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Exhibit
10.1 Asset Purchase Agreement by and among United
Companies Financial Corporation, as Debtor
and Debtor-in-Possession, the other Sellers
party thereto, the Related Parties party
thereto, United Realty XII L.L.C., in the
limited capacity stated therein, United
Companies Realty L.L.C., in the limited
capacity stated therein, Aegis Mortgage
Corporation as Purchaser, and Cerberus
Partners, L.P., in the limited capacity
stated therein, dated as of April 26, 1999.
10.2 Proration Letter, dated June 1, 1999