SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of
1934
Date of Report: December 12, 1997
-----------------
Commission File Number 0-12058
-------
KENAN TRANSPORT COMPANY
------------------------------------------------------
(Exact name of registrant as specified in its charter)
North Carolina 56-0516485
------------------------------- ---------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
University Square - West, 143 W. Franklin Street
Chapel Hill, North Carolina, 27516-3910
-----------------------------------------------------------
(Address of principal executive offices, including Zip Code)
(919) 967-8221
-----------------------------------------------------------
(Registrant's telephone number, including Area Code)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On December 1, 1997, Kenan Transport Company (the
'Registrant') closed its previously announced agreements to
purchase a majority of the transportation assets of Transport
South, Inc. ('TSI') in a cash transaction and to provide
contract transportation services to TSI affiliate, RaceTrac
Petroleum, Inc.
TSI transports petroleum products in the southeastern
United States and Texas and it is expected that the assets
acquired, consisting primarily of 127 tractors and 211 tank
trailers, will be used in a similar capacity in the
Registrant's business. The purchase price for the acquired
assets was determined in arms-length negotiations between the
parties and consisted of approximately $10,903,000 that was
paid from the Registrant's existing cash balances and
approximately $3,196,000 in assumed capital lease obligations.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(a) Financial Statements.
As of the date of the filing of this Current Report
on Form 8-K, it is impracticable for the Registrant to
provide the financial statements required by this Item
7(a). In accordance with Item 7(a) of Form 8-K, such
financial statements shall be filed by amendment to this
Form 8-K no later than 60 days after December 15, 1997.
(b) Pro Forma Financial Information.
As of the date of the filing of this Current Report
on Form 8-K, it is impracticable for the Registrant to
provide the financial statements required by this Item
7(b). In accordance with Item 7(b) of Form 8-K, such
financial statements shall be filed by amendment to this
Form 8-K no later than 60 days after December 15, 1997.
(c) Exhibits.
The Exhibits to this Report are listed in the Index
to Exhibits set forth elsewhere herein.
Page 1
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.
KENAN TRANSPORT COMPANY
(Registrant)
DATE: December 12, 1997 BY: /s/ William L. Boone
--------------------------
Vice President-Finance and
Chief Financial Officer
Page 2
INDEX TO EXHIBITS
The exhibits filed as part of this report are listed below:
Exhibit
Number Description
- --------- ---------------------------------------------------------
2 Asset Purchase Agreement between Transport South Inc. and
the Registrant dated October 31, 1997, filed as Exhibit 2
to the Registrant's Form 10-Q Quarterly Report for the
quarter ended September 30, 1997, which is incorporated
herein by reference to such Form 10-Q.
2.A Amendment to Asset Purchase Agreement
Page 3