-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G+GZhVea+vIVehYDIl52OH0Wy5NWs3zkIFVYYPCnJivHfAhou7pA5gHaNtfMsEbb Y7Hi/Mhfv7W1G3TAGXbA3w== 0000217416-99-000006.txt : 19990302 0000217416-99-000006.hdr.sgml : 19990302 ACCESSION NUMBER: 0000217416-99-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990301 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED COMPANIES FINANCIAL CORP CENTRAL INDEX KEY: 0000217416 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 710430414 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-07067 FILM NUMBER: 99553719 BUSINESS ADDRESS: STREET 1: 4041 ESSEN LN STREET 2: P O BOX 1591 CITY: BATON ROUGE STATE: LA ZIP: 70809 BUSINESS PHONE: 2259870000 8-K 1 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): March 1, 1999 UNITED COMPANIES FINANCIAL CORPORATION (Exact name as specified in its charter) Louisiana 1-7067 71-0430414 (State or other jurisdiction of (Commission File Number) (IRS Employer incorporation) Identification No.) 4041 Essen Lane, Baton Rouge Louisiana 70809 - --------------------------------------------------------------------------- (Address of principal executive offices) Zip Code Registrant's telephone number, including area code (225) 987-0000 Not Applicable (Former name or former address, if changed since last report) PAGE 1 2 Item 5. Other Events. The Registrant files herewith the exhibit listed in Item 7(c) below. Item 7(c). Exhibits. The following exhibit is furnished in accordance with Item 601 of Regulation S-K: 99 Press Release dated March 1, 1999 3 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. UNITED COMPANIES FINANCIAL CORPORATION (Registrant) Date: March 1, 1999 By: /s/ Dale E. Redman ---------------------------------------- Dale E. Redman, Executive Vice President and Chief Financial Officer 4 INDEX TO EXHIBITS EXHIBIT SEQUENTIALLY NO. EXHIBIT NUMBERED PAGE - ------- --------- ---------------- 99 Press Release dated March 1, 1999 EX-99 2 EXHIBIT 99 ---------- [UNITED COMPANIES LOGO] For More Information, Contact: Dale E. Redman Executive Vice President & Chief Financial Officer 225-987-2385 or 800-234-8232 RELEASE DATE: March 1, 1999 United Companies Announces Intention to File for Reorganization and Enter Financing Agreement with Greenwich Capital and CIT Board Names Midanek as Chief Executive Officer BATON ROUGE, LA - United Companies Financial Corporation (NYSE: UC) announced today that it and certain of its subsidiaries will each commence reorganization cases under chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware in Wilmington by the close of business today. The Company also announced that it has received commitments from Greenwich Capital Financial Products, Inc. and The CIT Group/Business Credit, Inc. to provide an aggregate of $500 million of debtor-in-possession financing and loan purchase facility, subject to Bankruptcy Court approval. Greenwich Capital and The CIT Group will provide working capital to the Company and Greenwich Capital will purchase, on a whole loan basis, the Company's home- equity loan originations. The Company intends to continue to maintain its business and operations while it pursues reorganization under chapter 11. The agreements with Greenwich and CIT will provide the Company with the flexibility and time necessary to establish itself as a whole loan sale company. The Company also announced that its Board of Directors has named Deborah Hicks Midanek as Chief Executive Officer. Ms. Midanek replaces J. Terrell Brown, who will continue his 90- day leave of absence and remains a member of the Board. Further, the Company announced that it has closed an additional 28 under-performing UC Lending(R) branches as well as eight satellite offices as it continues to match production volume with financing capabilities. In addition, as part of its transition to a whole loan sale operation, the Company will close or sell its GINGER MAE(R) subsidiary. United Companies Financial Corporation is a specialty finance company that provides consumer loan products nationwide through its lending subsidiary, UC Lending(R). The Company's Common and Preferred Stock trade on the New York Stock Exchange under the symbols "UC" and "UCPRI" respectively. The following is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical facts are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the performance of the financial markets, in the demand for and market acceptance of United Companies' products, and in general economic conditions, including interest rates; the presence of competitors with greater financial resources and the impact of competitive products and pricing; the effect of the Company's policies including the amount and rate of growth of Company expenses; the availability to the Company of adequate funding sources; actual prepayment rates and credit losses on loans sold as compared to prepayment rates and credit losses assumed by the Company at the time of sale for purposes of its gain on sale computations; the effect of changes in market interest rates on the discount rate assumed by the Company in its gain on sale computations; timing of loan sales; the quality of the Company's owned and serviced loan portfolio including levels of delinquencies, customer bankruptcies and charge-offs; ratings; and various legal, regulatory and litigation risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. For a more detailed discussion of some of the on going risks and uncertainties, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Investment Considerations in the Company's Annual Report on Form 10-K for the year ending December 31, 1997, as well as other Company filings with the Securities and Exchange Commission. -----END PRIVACY-ENHANCED MESSAGE-----