SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
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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): December 15, 2000
Pacific Gateway Exchange, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 000-21043 94-3134065
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(State or other jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
500 Airport Boulevard, Suite 340
Burlingame, California 94010
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (650) 375-6700
(Not Applicable)
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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The Company's German subsidiary, Pacific Gateway Exchange (Germany) GmbH,
in accordance with its statutory obligations under German law, filed
insolvency proceedings on December 15, 2000 with the local court in
Dusseldorf, Germany. Pacific Gateway Exchange (Germany) GmbH had previously
shut down its operations. The Company's English subsidiaries, Pacific
Gateway Exchange (U.K.) Limited and Onyx Internet, Ltd. received notice on
December 15, 2000 that the Lenders under the Company's Credit Agreement had
appointed a receiver for Pacific Gateway Exchange (U.K.) Limited and Onyx
Internet, Ltd. pursuant to security agreements entered into by those
entities. Under English law, the receiver takes control of the business of
the subsidiary and will dispose of the assets on behalf of the Lenders.
On December 20, 2000, Pacific Gateway Exchange, Inc. announced that it
accepted the resignations tendered by Howard Neckowitz, formerly president
and chief executive officer, and Gail Granton, formerly chief operating
officer. Mr. Neckowitz and Ms. Granton left to pursue other interests. Mr.
David Davis remains as the Company's chief financial officer and as such
will handle the Company's day-to-day operations. Development Specialists,
Inc. remains as the Company's management consulting company and will
support Mr. Davis.
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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 thereunto duly authorized.
Dated: December 21, 2000 PACIFIC GATEWAY EXCHANGE, INC.
By: /s/ David M. Davis
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David Davis
Chief Financial Officer
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