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
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): APRIL 10, 1997
THE KRYSTAL COMPANY
(Exact name of registrant as specified in its charter)
TENNESSEE 0-20040 62-0264140
(State of incorporation) (Commission File No.) (IRS Employer
Identification No.)
ONE UNION SQUARE, CHATTANOOGA, TENNESSEE 37402
(Address of principal executive offices, including zip code)
(423) 757-1550
(Registrant's telephone number, including area code)
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
On April 10, 1997, the United States District Court for the Eastern
District of Tennessee (the "Bankruptcy Court") entered an order (the
"Confirmation Order") confirming the Second Amended and Restated Plan of
Reorganization, as amended and modified to date (the "Plan") of The Krystal
Company (the "Company"). The Confirmation Order and the Plan are filed,
respectively, as Exhibits 99.1 and 2 to this Form 8-K and are incorporated
herein by reference. The Confirmation Order became final on April 22, 1997.
The effective date under the Plan is the first business day after
satisfaction of the following conditions: (a) the Company shall have in its
possession, custody on control immediately available funds in an amount
sufficient to enable it to make all distributions required by the Plan to be
made and (b) all distributions required by the Plan to be made shall have
been made.
For a summary of the material features of the Plan, reference is
made to the information set forth under the caption "Summary" in the
Company's Disclosure Statement regarding its Plan dated February 27, 1997,
filed as Exhibit 99.2 to this Form 8-K and incorporated herein by reference.
The Disclosure Statement describes the Plan.
As of April 22, 1997, the Company had 7,478,568 shares of its common
stock, without par value ("Shares"), issued and outstanding. No Shares will
be issued in respect of claims or interests filed and allowed under the Plan.
For information as to the consolidated assets and liabilities of the
Company and its subsidiaries, reference is made to the consolidated balance
sheet contained in the Company's Annual Report on Form 10-K for the fiscal
year period ended December 29, 1996, filed as Exhibit 13 to this Form 8-K and
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
EXHIBITS
No. Description
2.1 Company's Second Amended and Restated Plan of Reorganization dated
February 24, 1997.
2.2 Preconfirmation Modification of Plan dated April 8, 1997.
13 * Form 10-K of the Company for the year ended December 29, 1996.
99.1 Bankruptcy Court Order Confirming Company's Second Amended and
Restated Plan of Reorganization.
99.2 Company's Disclosure Statement dated February 10, 1997, as Revised
February 24, 1997, to accompany Second Amended and Restated Plan of
Reorganization filed by The Krystal Company.
* Incorporated by reference from the Company's Form 10-K filed on
March 25, 1997. (File No. 0-20040).
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.
April 23, 1997 THE KRYSTAL COMPANY
By: /s/ CAMDEN B. SCEARCE
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Camden B. Scearce
Vice President and
Chief Financial Officer