SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: July 11, 2001
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GENCOR INDUSTRIES, INC.
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Incorporated Commission IRS Employer
In the State of File Number ID Number
Delaware 0-3821 59-0933147
5201 NORTH ORANGE BLOSSOM TRAIL, ORLANDO, FLORIDA 32810
(407) 290-6000
ITEM 5. OTHER EVENTS
July 11, 2001- Gencor Industries, Inc., Orlando-based manufacturer of industrial
machinery equipment ("Gencor" or the "Company"), announced today the
confirmation of its Chapter 11 plan for reorganization by the Honorable Karen S.
Jennemann in the United States Bankruptcy Court for the Middle District of
Florida. The plan provides for 100% repayment to all creditors and vendors
without dilution to equity.
Gencor's Chairman, E.J. Elliott stated, "We are extremely pleased to have
confirmed our Chapter 11 plan of reorganization, particularly in light of the
many challenges which confronted the Company during the case. Looking ahead, we
are encouraged by the Company's prospects. The Company is well-positioned in
its core markets and possesses the key resources necessary to be the
unquestioned leader in each of its products and markets."
Mr. Elliott continued, "The Company has been enjoying positive and profitable
results both domestically and abroad and the positive operating trend and
financial strength gives the Company good reason to be optimistic about the
future." The Company's operations and cash flow, along with the proceeds from
the divestiture of the CPM business unit has allowed the reduction of more than
$72 million of bank indebtedness in the last 9 months.
The Company wishes to thank all those who played a significant part in the
successful outcome for the Company and all concerned. Gencor wishes to
acknowledge and thank its customers, employees, vendors and associates worldwide
for their loyalty and support during this difficult period. Gencor is looking
forward with great anticipation to a very bright and profitable long-term future
filled with continued growth and prosperity.
Gencor Industries is a diversified heavy machinery manufacturer for the
production of highway construction materials, synthetic fuels and environmental
control machinery and equipment used in a variety of applications.
This press release may contain forward looking statements, including but not
limited to, statements regarding the consummation of the Company's plan of
reorganization, the future prospects of the Company, and the continuation of
current positive operating trends. Such statements are subject to numerous
risks and uncertainties, including, but not limited to, the effectiveness of the
Company's plan of reorganization, which is subject to the satisfaction of
various conditions, the Company's ability to fully implement the terms of the
plan of reorganization, the continuing strength of the Company's financial
condition, the Company's ability to continue to generate positive operating
results, economic factors, government regulation, political uncertainty,
currency fluctuation, interest rates, and other factors beyond the Company's
control.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of
1934, the Registrant has duly caused this to be on its behalf by the undersigned
hereunto duly authorized.
GENCOR INDUSTRIES, INC.
(Registrant )
Date: July 11, 2001 By: ____________________
John E. Elliott
Executive Vice President