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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
April 26, 2001
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Date of report (Date of earliest event reported)
ASSISTED LIVING CONCEPTS, INC.
(exact name of registrant as specified in its charter)
NEVADA 1-13498 93-1148702
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(State or other jurisdiction of Commission File Number (I.R.S. Employer
incorporation or organization) Identification Number)
11835 NE Glenn Widing Drive, Bldg E, Portland, OR 97220-9057
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(Address of Principal Executive Offices) (Zip Code)
(503) 252-6233
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
On April 26, 2001, Assisted Living Concepts, Inc. (the "Company")
announced that a committee of holders of its convertible subordinated debentures
had been formed and that the Company and its financial advisor, Jefferies &
Company, Inc., had commenced negotiations with both the committee and the
lessors of certain under-performing leases. The Company also announced that such
negotiations are still in a preliminary stage, and that the Company cannot
predict whether they will lead to a mutually satisfactory restructuring of the
Company's obligations. However, any such restructuring plan is likely to result
in a significant reduction in principal amount of the Company's convertible
subordinated debentures and a very substantial dilution of the Company's
outstanding equity.
The Company also announced that it plans to defer, for 30 days, $4.7
million of interest payments due May 1, 2001 on the convertible subordinated
debentures. A total of approximately $162 million aggregate principal amount of
convertible subordinated debentures are outstanding, with maturities of
November 1, 2002 and May 1, 2003.
A copy of the Company's press release dated April 26, 2001 has been
filed as an exhibit to this Current Report on Form 8-K and is incorporated
herein by reference.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) and (b) None.
(c) The following document is furnished as an Exhibit to this Current
Report on Form 8-K pursuant to Item 601 of Regulation S-K:
99 Press Release, dated April 26, 2001.
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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.
ASSISTED LIVING CONCEPTS, INC.
By: /s/ SANDRA CAMPBELL
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Name: Sandra Campbell
Title: Secretary
Date: April 26, 2001
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EXHIBIT INDEX
EXHIBIT NO. DOCUMENT DESCRIPTION
99 Press Release, dated April 26, 2001.