Sunstates Corp/DE – ‘8-K’ for 1/24/97

As of:  Thursday, 2/6/97   ·   For:  1/24/97   ·   Accession #:  103575-97-2   ·   File #:  1-05300

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Current Report   —   Form 8-K
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Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         2      9K 

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8-K
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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 24, 1997             

SUNSTATES CORPORATION               
(Exact name of registrant as specified in its charter)          

Delaware            1-5300              22-1664434        
(State or other jurisdiction   (Commission      (I.R.S. Employer                
of incorporation)             File Number)     Identification No.)            

4600 Marriott Drive, Suite 200, Raleigh, North Carolina  27612              
(Address of principal executive offices)           (Zip Code)               

Registrant's telephone number, including area code 919-781-5611                 

(Former name or former address, if changed since last report.)              

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Item 3.  Bankruptcy or Receivership                                           

On December 20, 1996, Sunstates Corporation's furniture manufacturing           
subsidiary, Hickory White Company ("Hickory White"), entered into an Asset      
Purchase Agreement whereby Hickory White will sell substantially all of its     
assets to H-W Acquistion Group, Inc. ("Acquisition Group").  The Asset          
Purchase Agreement is subject to the Acquisition Group obtaining adequate       
bank financing and necessary equity capital.  The purchase price is based,      
in part, upon the levels of inventory and receivables.  Based upon the levels   
of such inventory and receivables at the end of December, 1996, the estimated   
purchase price was approximately $8,600,000.                                    

In order to facilitate the sale and to maximize the assets ultimately           
available for distribution to its creditors, Hickory White Company, filed a     
voluntary petition for protection and relief under Chapter 11 of the United     
States Bankruptcy Code with the Clerk,of the United States Bankruptcy Court     
for the Western District of North Carolina in Charlotte, North Carolina on      
January 24, 1997.  Hickory White will remain in possession and control of       
its assets as Debtor-in-Possession.                                             

At the date of the bankruptcy filing, January 24, 1997, Hickory White           
reported assets of $12,364,237 and liabilities of $20,153,740.   As of          
January 24, 1997, Hickory White was endebted to Citicorp, N.A. in the           
approximate amount of $6,667,142, secured by substantially all of the assets    
of Hickory White.  Also included in the reported liabilities is approximately   
$9,388,458 of subordinated debentures held be various affilitates of            
Sunstates Corporation.                                                          

SIGNATURES        
Pursuant to the requirements of the Securities and Exchange Act of              
1934, the registrant has duly caused this report to be signed on its            
behalf by the undersigned hereunto duly authorized.                             

                       SUNSTATES CORPORATION

                      /s/ Glenn J. Kennedy
Date: February 6, 1997                    Glenn J. Kennedy                      
                         Chief Financial Officer

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		2/6/97		2					None on these Dates
For Period End:		1/24/97		1		2
		12/20/96		2
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