SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: July 2, 1998
BUILDERS TRANSPORT, INCORPORATED
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(Exact name of registrant as specified in its charter)
DELAWARE 0-11300 58-1186216
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
POST OFFICE BOX 7005
2029 WEST DEKALB STREET
CAMDEN, SOUTH CAROLINA 29020-7005
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(Address of principal (Zip code)
executive offices)
Registrant's telephone number, including area code (803) 432-1400
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Item 5. OTHER EVENTS
Builders Transport, Incorporated, a Delaware corporation and its
subsidiaries filed a voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of
Georgia, Atlanta Division (jointly administered under Bankruptcy Case No.
98-68799 Builders Transport, Inc.)) on May 21, 1998.
On June 30, Schneider National, Inc. was the successful bidder for
Builders' assets in a bidding procedure conducted at the direction of the
Bankruptcy Court.
Under the terms of the bid, Schneider National will acquire
substantially all of Builders' assets for a cash purchase price of
approximately $41,800,000. Under applicable bankruptcy law, the proceeds
from the sale after payment of secured creditors and bankruptcy
administrative claims, will fall far short of satisfying the remaining
claims of Builders' unsecured creditors. Upon the ultimate winding up of
Builders' affairs, there will be nothing available for distribution to
Builders' stockholders.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
99.1 Press release issued by Builders Transport, Incorporated on
July 2, 1998.
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 thereunto duly authorized.
Date: July 2, 1998
BUILDERS TRANSPORT, INCORPORATED
By: /S/ Stanford M. Dinstein
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Stanford M. Dinstein
Vice Chairman and
Chief Executive Officer
Exhibit 99.1
BUILDERS TRANSPORT ASSETS TO BE
ACQUIRED BY SCHNEIDER NATIONAL
For Immediate Release: Contact: Stan Dinstein
Vice Chairman and CEO
(803)432-1400
CAMDEN, S.C., July 1, 1998 - Builders Transport, Incorporated announced today
that Schneider National, Inc. was the successful bidder for Builders' assets in
a bidding procedure conducted earlier this week at the direction of thc U.S.
Bankruptcy Court for the Northern District of Georgia. Builders had previously
announced its filing under Chapter 11 of the U.S. Bankruptcy Code on May 21,
1998.
Under the terms of the bid, Schneider National will acquire substantially all
of Builders' assets for a cash purchase price of approximately $41,800,000.
Under applicable bankruptcy law, the proceeds from the sale, after payment of
secured creditors and bankruptcy administrative claims, will fall far short of
satisfying the remaining claims of Builders' unsecured creditors. Upon the
ultimate winding up of Builders' affairs, there will be nothing available for
distribution to Builders' stockholders.
Based in Camden, S.C., Builders Transport is a truckload carrier. The
Company's stock is traded over the counter under the symbol, TRUKQ.
For information on Builders Transport contact:
Stanford M. Dinstein
Vice Chairman, Chief Executive Officer
(212)765-5610