SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Security Exchange Act of 1934
Date of Report (Date of earliest event reported) October 8, 1997
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SMITH TECHNOLOGY CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-14992 38-2294876
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(State of other jurisdiction of (Commission File (IRS Employer
incorporated organization) Number) identification
No.)
Bayview Corporate Center
3501 Jamboree Road, South Tower
Suite 304
Newport Beach, CA 92660
(address of principal executive offices)
Registrant's telephone number, including area code: (610) 825-3800
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Item 3. Bankruptcy or Receivership
On October 8, 1997, the Company (Smith Technology Corporation) and six of
its subsidiaries filed for protection under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
The Bankruptcy Case Number(s) for the Company and its subsidiaries are 97-2062
to 97-2068. The Company remains in possession of its assets and is
operating its business as a debtor-in-possession; no application has been
made for the appointment of a trustee nor has a trustee been appointed.
Item 7. Exhibits and Reports on Form 8-K
(A) Exhibits
10.41 News Release dated October 13, 1997, announcing
the Chapter 11 Bankruptcy filing of Smith
Technology Corporation.
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SIGNATURE
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.
SMITH TECHNOLOGY CORPORATION
By: /s/ E. Brian Smith
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E. Brian Smith
President
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EXHIBIT 10.41
SMITH
Technology Corporation NEWS RELEASE
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FOR IMMEDIATE RELEASE
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For: Contacts:
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Smith Technology Corporation E. Brian Smith
One Plymouth Meeting Chairman
Plymouth Meeting, PA 19462 610-825-3800, ext. 228
or
Hobart G. Truesdell
Walker, Truesdell & Associates
212-687-1881, ext. 226
SMITH TECHNOLOGY CORPORATION ANNOUNCES
CHAPTER 11 BANKRUPTCY
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NEWPORT BEACH, CA (October 13, 1997) -- Smith Technology Corporation
(SMTH) announced toady that the Company filed for protection under Chapter
11 of the Bankruptcy Code on October 8, 1997. The Company, under the
jurisdiction of the court and with the consent of its senior lenders,
intends to enter into an agreement for the sale of certain assets of its
remaining operations, primarily contracts, to another company in the
environmental remediation business. Interim debtor in possession financing
will be provided by the Company's senior lenders, as due diligence is
performed by the prospective buyer.
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