General Datacomm Industries Inc - Current report filing (8-K)
04 10월 2008 - 6:21AM
Edgar (US Regulatory)
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): September 29, 2008
General
DataComm Industries, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
|
1-8086
|
06-0853856
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
6 Rubber Avenue,
Naugatuck, CT
|
06770
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code
(203)-729-0271
|
N/A
|
|
|
(Former
name or former address, if changed since last report)
|
|
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
£
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
£
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
£
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
£
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.03
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Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant.
|
On
October 1, 2008, the Company borrowed $250,000 from Howard S. Modlin, Chairman
of the Board and Chief Executive Officer. Previously, on September
18, 2008 the Company had borrowed $175,000 from Mr. Modlin. The loans
are reflected by demand promissory notes bearing interest at the rate of 10% per
annum from the date of loan secured by the assets of the Company. The
proceeds of such loans are to be used by the Company for working capital
purposes.
On
September 29 and 30, 2008, the Company implemented further employee compensation
reductions, including a combination of salary reductions, benefit reductions and
job eliminations for an anticipated annual savings of approximately $1.2
million.
Debentures
in the principal amount of $19,453,000 matured on October 1,
2008. While a subordinated security agreement signed by the indenture
trustee on behalf of the debenture holders provides that no payments may be made
to debenture holders while senior secured debt is outstanding, in the
absence of such provision the Company does not have the ability to repay the
debentures. Senior secured debt in the principal amount of $7,255,945
was outstanding at October 1, 2008. Therefore, no payments to
debenture holders have been made as of the maturity date.
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.
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General
DataComm Industries, Inc.
|
|
(Registrant)
|
|
|
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By:
/S/ William G. Henry
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|
|
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_______________________________
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William
G. Henry
|
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Vice
President, Finance and
|
|
Administration,
and Principal Financial Officer
|
October
3, 2008
General Data Comm Indust... (CE) (USOTC:GNRD)
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General Data Comm Indust... (CE) (USOTC:GNRD)
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