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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):
November 21, 2003
KENTUCKY ELECTRIC STEEL, INC.
(NOW KNOWN AS ASHLAND STEEL LIQUIDATING COMPANY)
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 0-22416 61-1244541
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification Number)
P.O. Box 3500
Ashland, Kentucky 41105-3500
(Address of Principal Executive Office)
Registrant's telephone number, including area code: (606) 929-1222
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On November 21, 2003, the United States Bankruptcy Court for the Eastern
District of Kentucky (the "Bankruptcy Court") entered an order dismissing the
chapter 11 bankruptcy case of Ashland Steel Liquidating Company, formerly known
as Kentucky Electric Steel, Inc. (the "Company"), authorizing the dissolution of
the Company and approving the wind down of the Company's business affairs (the
"Dismissal Order"), which is being filed as Exhibit 99.1 on this Form 8-K.
As previously reported by the Company on Form 8-K filed with the Commission
on September 11, 2003 and incorporated herein by reference, the Company sold
substantially all of its operating assets to KES Acquisition Company, LLC.
Pursuant to the Dismissal Order, the Company's remaining assets were abandoned
to National City Bank of Kentucky, as Collateral Agent for the Company's Secured
Lender Group, which held a valid, properly perfected lien on substantially all
of the Company's assets. The Company retained only the limited right to use
certain deposit accounts to wind down the Company's affairs pursuant to the wind
down budget agreed to by the Company's Secured Lender Group and approved by the
Bankruptcy Court as part of the Dismissal Order.
Information as to the assets and liabilities of the Company as of November
29, 2003, the most recent practicable date since the date of the Dismissal
Order, is set forth in the final unaudited monthly operating report prepared by
the Company for the period from November 2, 2003 through November 29, 2003 is
being filed as Exhibit 99.2 on this Form 8-K.
As of April 4, 2003, the Company has 4,100,285 shares of common stock
issued and outstanding. At this time, the Company does not foresee that there
will be any distributions to its shareholders as a result of the dissolution of
the Company and the wind down of the Company's business affairs. Any
distributions to creditors and other liquidation expenses during the wind down
of the Company's business affairs will be made substantially in accordance with
the wind down budget appended to the Dismissal Order.
ITEM 5. OTHER EVENTS
On February 19, 2004, the Company filed a Form 15 seeking to terminate the
Company's status as a reporting public company. The dissolution of the Company
authorized by the Dismissal Order was recognized by the State of Delaware, as
of February 10, 2004.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) The following exhibit is filed as part of this report on Form 8-K.
Exhibit
Number Description
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99.1 Dismissal Order of the U.S. Bankruptcy Court for the
Eastern District of Kentucky dated November 21, 2003 dismissing
the Company's Chapter 11 case, authorizing the dissolution of the
Company and approving the wind down of the Company's business
affairs.
99.2 Monthly Operating Report for period from November 2, 2003 through
November 29, 2003.
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.
KENTUCKY ELECTRIC STEEL, INC.
Date: February 19, 2004 By: /s/ William J. Jessie
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Name: William J. Jessie
Title: President and Chief
Operating Officer