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) April 30, 1999
------------------------------
Montgomery Ward Holding Corp.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-17540 36-3571585
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Montgomery Ward Plaza Chicago, Illinois 60671
- --------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code (312) 467-2000
---------------------------
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
Item 5. Other Events.
On April 30, 1999, Montgomery Ward Holding Corp. (the "Company") and its
wholly owned subsidiary Montgomery Ward & Co., Incorporated ("Wards") announced
that it filed a plan of reorganization and disclosure statement with the United
States Bankruptcy Court in Delaware which, if approved, will allow the Company
to emerge from bankruptcy in August 1999. The plan of reorganization is in the
furtherance of the agreement in principle announced earlier this year between
the Creditors' Committee, GE Capital and Wards. GE Capital, Wards' majority
shareholder and substantial creditor, is a co-proponent of the plan of
reorganization along with Wards. The Bankruptcy Court has scheduled a
confirmation hearing for July 15, 1999. The plan of reorganization includes the
Company and all of its direct and indirect subsidiaries that were included under
the jointly administered bankruptcy proceeding under the caption "In re
Montgomery Ward Holding Corp., a Delaware Corporation, et. al.", Case No. 97-
1409 (PJW). Certain indirect subsidiaries of the Company were not included in
the bankruptcy filing.
If the plan of reorganization as filed is confirmed, funding for the
distribution to unsecured creditors will be provided through a $650 million
deposit in an escrow account on April 30, 1999. When Wards emerges from
bankruptcy, this money and the interest it earns will be distributed to those
creditors as specified in the plan of reorganization. In the plan of
reorganization, GE Capital will obtain rights to all the equity in the
reorganized retailer in exchange for its claims against Wards.
As part of the restructuring provided for in the plan of reorganization, GE
Capital will acquire Signature Financial/Marketing, Inc. ("Signature"), the
direct marketing arm of Wards. Signature, which was not part of Wards' Chapter
11 case, will continue to have the right to market to Wards' customers.
On April 30, 1999, Wards issued a press release that is attached as Exhibit
1 hereto. The press release is incorporated herein by reference.
Item 7. Exhibits
1. Press release issued by Montgomery Ward & Co., Incorporated on April 30,
1999.
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.
MONTGOMERY WARD HOLDING CORP
May 4, 1999 By: /s/ Thomas J. Paup
------------------------------------
Thomas J. Paup
Executive Vice President and
Chief Financial Officer
EXHIBIT INDEX
EXHIBIT SUBMISSION MEDIA
- ------- ----------------
1. Montgomery Ward & Co., Incorporated Incorporated by
Press release issued on reference to Exhibit 1
April 30, 1999 of the Company's Current
Report on Form 8-K dated
May 4, 1999