8-K

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) October 15, 2002

Commission	Registrant, State of Incorporation,	IRS Employer
File Number	Address, and Telephone Number	Identification No.
1-11255	AMERCO (A Nevada Corporation) 1325 Airmotive Way, Ste. 100 Reno, Nevada 89502-3239 Telephone (775) 688-6300	88-0106815

ITEM 5. OTHER EVENTS

         On October 15, 2002, AMERCO issued a press release, attached hereto as Exhibit 99.1, relating to its retention of a financial advisor to assist AMERCO in restructuring certain of its debt.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.

99.1 Press Release dated October 15, 2002.

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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.

	AMERCO
	(Registrant)   /s/ Gary V. Klinefelter
Date: October 16, 2002
	Gary V. Klinefelter, Secretary

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EXHIBIT INDEX

99.1 Press Release dated October 15, 2002.

EX-99.1 3 p67122exv99w1.htm EX-99.1

Exhibit 99.1

Contact:
Jennifer Flachman
Media and Public Relations Director
(602) 263-6194
jennifer_flachman@uhaul.com

FOR IMMEDIATE RELEASE

October 15, 2002

AMERCO Retains Crossroads, LLP to Advise on Financial Initiatives

         Reno, Nev — AMERCO, parent company of U-Haul International, Inc., the leader in the do-it-yourself moving and self storage industry announced today that it has retained Crossroads, LLC as its financial advisor to assist in assessing its strategic alternatives as the Company moves to strengthen its financial position. Crossroads is a nationally renown consulting firm specializing in financial restructuring.

         “AMERCO is an extremely asset-rich Company that fell victim to tight capital markets and was forced to repay rather than refinance its loan commitments during its first quarter-ended June 30, 2002. We are now in the process of recapitalizing our balance sheet. Meanwhile, earnings continue to rise,” stated Gary Horton, Chief Financial Officer.

         As part of the Company’s strategic plan, it has elected to enter into negotiations to restructure certain of its debt. While the Company works to recapitalize its balance sheet, it has elected to temporarily suspend the October 15, 2002 payment of its Series 1997-C Bond Backed Asset Trust. The Company also intends to refinance its 3-year Credit Agreement.

         “Customer demand for U-Haul products and services is greater than ever. The Company is experiencing another year of record rental transactions. While we are taking advantage of this opportunity to recapitalize our balance sheet, we continue to make our interest payments to our banks as we have for over 50 years, and it will be business as usual for our customers, employees, dealer network and service providers, stated Joe Shoen, Chief Executive Officer.

         Providing quality products and services to families that rely on U-Haul has been the drumbeat by which this company has marched for over 57 years. I have the utmost confidence in the work underway that supports AMERCO’s plan to recapitalize,” declared Shoen.

         AMERCO is the parent company of U-Haul International, Inc., Republic Western Insurance Company, Oxford Life Insurance Company and Amerco Real Estate Company. For more information about AMERCO, visit www.uhaul.com.

         Certain of the statements made in this press release regarding our business constitute forward-looking statements contemplated under the Private Securities Litigation Reform Act of 1995 and certain factors could cause actual results to differ materially from those projected.

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EX-99.1

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