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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) August 9, 2001
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MATLACK SYSTEMS, INC.
(DEBTOR-IN-POSSESSION AS OF MARCH 29, 2001)
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(Exact name of registrant as specified in its charter)
DELAWARE 1-10105 51-0310173
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(State or other jurisdiction of Commission File Number (I.R.S. Employer
incorporation or organization) Identification No.)
One Rollins Plaza, Wilmington, Delaware 19803
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(Address of principal executive offices) (Zip Code)
(302) 426-2700
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(Registrant's telephone number, including area code)
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Item 5. Other Events.
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The Company announced that it has signed definitive agreements with Quality
Distribution, Inc., Superior Bulk Logistics, Inc. and others. Content of a press
release issued August 6, 2001 is as follows:
Matlack Systems, Inc. ("Matlack") (OTCBB - Symbol MLKI) announced today
that it has signed definitive agreements with Quality Distribution, Inc.,
Superior Bulk Logistics, Inc. and other parties to sell certain terminals,
equipment and other assets to these companies. The purchasers also will
assume certain real property and equipment leases and have indicated an
intent to continue to service the customers at the respective terminals.
The aggregate value of these transactions is approximately $22 million and
the assets being sold are responsible for more than one-half of the
Company's volume of business. These transactions are subject to the
approval of the Bankruptcy Court.
Also, the Company has signed letters of intent to sell other terminals and
additional trailers and tractors to four unrelated parties. The Company's
remaining terminals are in the process of being closed with all operations
expected to cease by August 31, 2001. All remaining assets will be disposed
of or sold.
The net proceeds received from the asset sales described in this press
release will be applied to outstanding debts of the Company. The Company
does not anticipate that the aggregate net proceeds from prior sales of
assets, the sales of assets described in this press release, future sales
of assets and other proceeds will be sufficient to permit any distribution
to stockholders.
Certain statements and information presented in this press release are
intended to be, and are hereby identified as, "forward-looking statements"
within the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks
and uncertainties. Actual events or results may differ materially from the
forward-looking statements and information set forth herein.
Signatures
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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 thereunto duly authorized.
Date: August 9, 2001 Matlack Systems, Inc.
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By: /s/ Patrick J. Bagley
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Patrick J. Bagley
Vice President- Finance
and Treasurer