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) January 11, 2001
AMERICAN HOMESTAR CORPORATION
(Exact name of registrant as specified in its charter)
TEXAS 0-24210 76-0070846
(State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation)
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2450 SOUTH SHORE BOULEVARD, SUITE 300, LEAGUE CITY TEXAS, 77573
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (281) 334-9700
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
On January 11, 2001, American Homestar Corporation (the "Company") and twenty-one (21) of its affiliates filed a voluntary petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court of the Southern District of Texas, Galveston Division (the "Bankruptcy Court"). The consolidated caption is in re American Homestar Corporation, et al, Case No. 01-80017-G3-11. Pursuant to the bankruptcy filing, the Company and each of its affiliates will continue to operate their businesses and manage their affairs as debtors-in-possession. The Company issued a press release announcing the bankruptcy filing, a copy of which press release is attached hereto and incorporated herewith.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits:
99.1 Press Release, dated January 11, 2001.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AMERICAN HOMESTAR CORPORATION
By: /s/ CRAIG A. REYNOLDS
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Craig A. Reynolds
Title: Secretary
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DATE: January 23, 2001
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION ------- ----------- 99.1 Press Release, dated January 11, 2001. |
EXHIBIT 99.1
Contact: Craig A. Reynolds FOR IMMEDIATE RELEASE
Chief Financial Officer
(281) 334-9700
AMERICAN HOMESTAR CORPORATION COMMENCES
REORGANIZATION
HOUSTON, Texas: January 11, 2001. American Homestar Corporation (NASDAQ/ NMS:HSTR) today announced that it commenced chapter 11 bankruptcy proceedings on January 11, 2001, on behalf of itself and 21 of its subsidiary companies. The affected subsidiaries are those engaged in retailing, manufacturing and franchising activities. The bankruptcies were commenced in the United States Bankruptcy Court for the Southern District of Texas. Certain of the Company's other subsidiaries- those engaged in insurance, financial and transportation services - did not commence any proceedings.
The bankruptcy filings were necessitated by a severe and prolonged decline in manufactured home sales throughout the manufactured housing industry. Industry-wide sales declined approximately 24% between 1999 and 2000. At September 30, 2000 (the date of American Homestar Corporation's most recent 10-Q), the company reported total assets of $ 363 million and total liabilities of $ 279 million. Chapter 11 bankruptcy should allow American Homestar Corporation to restructure both its business operations and its indebtedness.
The Company anticipates that it will file a plan of reorganization by April 30, 2001.
American Homestar Corporation is a vertically integrated manufacturer and retailer of manufactured housing which also provides transportation and insurance services to its customers.
END