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UNITED STATES 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 20, 1998
INTERSCIENCE COMPUTER CORPORATION
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(Exact name of registrant as specified in its charter)
CALIFORNIA 1-12312 95-3880130
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification
incorporation) Number)
5236 Colodny Drive, Suite 100
Agoura Hills, California 91301
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(Address of principal executive offices)
Registrant's telephone number, including area code: (818) 707-2000
Not applicable
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(Former name or former address, if changed since last report.)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On April 20, 1998 in the United States Bankruptcy Court for the Central
District of California, an order was entered confirming Interscience Computer
Corporation's First Amended Plan of Reorganization (the "Plan").
In accordance with the Plan:
1. Administrative Claims will be paid in cash.
2. Tax liabilities will be paid over a six-year period in equal
quarterly payments.
3. The remaining bank loan (approximately $1,000,000) will be paid
over three years in monthly installments at prime rate plus
three percent (3%)
4. All vendors under $500 will be paid in full.
5. All unsecured creditors will receive 25% of their approved claim
in cash and one share of stock for every $5.00 of approved debt.
There is a possibility of some additional cash payment
contingent on the sale of Xerox parts.
6. The existing shares of preferred stock will be exchanged for
1,750,000 shares of common stock and a two-year warrant to
purchase 500,000 shares at $1.00 per share. All arrearages on
preferred will be forgiven.
7. The existing common shareholders will retain their shares. Their
interest will be diluted by the shares issued to the preferred
shareholder and the unsecured creditors.
Prior to the effective date of the Plan, there were 2,541,666 shares
outstanding. As a result of the issuance to the preferred shareholder and the
unsecured creditors and 250,000 shares issued to new management, it is
anticipated that there will be approximately 5,200,000 shares outstanding at the
conclusion of the reorganization.
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ITEM 7. EXHIBITS
2.1 First Amended Disclosure Statement to Accompany Debtors First Amended
Plan of Reorganization and Debtors First Amended Plan of
Reorganization(1)
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(1) Incorporated by reference to the Exhibits to the Company's Annual Report on
Form 10-KSB for the fiscal year ended September 30, 1997.
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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.
INTERSCIENCE COMPUTER CORPORATION
By /s/ Walter Kornbluh
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Walter Kornbluh
President and Chief Executive Officer
Dated: May 5, 1998