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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
May 5, 1997
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Date of Report
(Date of earliest event reported)
ARIS INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
NEW YORK 1-4814 22-1715275
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
475 FIFTH AVENUE, NEW YORK, NEW YORK 10017
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(Address of registrant's principal executive offices)
(212) 686-5050
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On May 5, 1997, the Registrant and each of BNY Financial Corporation
("BNY") and AIF-II, L.P. ("AIF-II") entered into amendments whereby the
scheduled quarterly interest payments under the Series A Junior Secured Note
Agreement dated June 30, 1993 between the Registrant and BNY and the Series B
Junior Secured Note Agreement dated June 30, 1993 between the Registrant and
AIF-II, due on May 5, 1997 were deferred and shall become due on June 18, 1997.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit No.
10.101. Amendment dated May 5, 1997 to Series A Junior Secured Note Agreement
dated as of June 30, 1993 between Registrant and BNY Financial Corporation.
10.102. Amendment dated May 5, 1997 to Series B Junior Secured Note Agreement
dated as of June 30, 1993 between Registrant and AIF-II, L.P.
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SIGNATURE
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.
ARIS INDUSTRIES, INC.
By: /s/ PAUL SPECTOR
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Paul Spector
Senior Vice President and
Chief Financial Officer
Date: May 8, 1997
ARIS INDUSTRIES, INC.
475 Fifth Avenue
New York, New York 10017
May 5, 1997
BNY Financial Corporation
1290 Avenue of the Americas
New York, New York 10104
Re: Consent Pursuant to Series A Junior Secured Note Agreement
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Gentleman:
Reference is made to the Series A Junior Secured Note Agreement dated June
30, 1993 (the "Note Agreement"; terms defined therein being used herein as
therein defined) between BNY Financial Corporation ("BNY") and Aris Industries,
Inc. ("Aris", formerly known as The Marcade Group, Inc.) and the Series A Junior
Secured Note issued pursuant to the Note Agreement by Aris in favor of BNY dated
June 30, 1993 in the original principal amount of $7,000,000 (the "Note").
At the request of Aris, BNY hereby consents to the deferral, until June 18,
1997, of the required payment of the quarterly interest under the Note otherwise
due May 5, 1997, subject to the following terms and conditions. The nonpayment
of such quarterly interest prior to June 18, 1997 shall not be a Default or
Event of Default under the Note Agreement or the Note. The Note Agreement and
the Note are hereby deemed amended to implement the foregoing.
BNY's forbearance from exercising its rights with respect to such quarterly
interest payment is not, and shall not be deemed to be, a waiver of any other
term, condition, covenant or agreement or any other aspect of the Note Agreement
and/or the Note. The forbearance is therefore limited exclusively to the
specific period of time and circumstances covered by this letter, and this
letter is without prejudice to, and hereby expressly reserves, all other rights
and remedies of BNY.
Very truly yours,
ARIS INDUSTRIES, INC.
By: /s/ PAUL SPECTOR
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Paul Spector,
Senior Vice President
AGREED AND ACCEPTED:
BNY FINANCIAL CORPORATION
By: /s/ SAM CIRELLO
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Sam Cirello,
Senior Vice President
ARIS INDUSTRIES, INC.
475 FIFTH AVENUE
NEW YORK, NEW YORK 10017
May 5, 1997
AIF-II, L.P.
c/o Apollo Advisors, L.P.
Two Manhattanville Road
Purchase, New York 10577
Attention: Robert Katz
Re: Consent Pursuant to Series B Junior Secured Note Agreement
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Gentleman:
Reference is made to the Series B Junior Secured Note Agreement dated June
30, 1993 (the "Note Agreement"; terms defined therein being used herein as
therein defined) between AIF-II, L.P. ("Apollo") and Aris Industries, Inc.
("Aris", formerly known as The Marcade Group, Inc.) and the Series B Junior
Secured Note issued pursuant to the Note Agreement by Aris in favor of Apollo
dated June 30, 1993 in the original principal amount of $7,500,000 (the "Note").
At the request of Aris, Apollo hereby consents to the deferral, until June
18, 1997, of the required payment of the quarterly interest under the Note
otherwise due May 5, 1997, subject to the following terms and conditions. The
nonpayment of such quarterly interest prior to June 18, 1997 shall NOT be a
Default or Event of Default under the Note Agreement or the Note. The Note
Agreement and the Note are hereby deemed amended to implement the foregoing.
Apollo's forbearance from exercising its rights with respect to such
quarterly interest payment is not, and shall not be deemed to be, a waiver of
any other term, condition, covenant or agreement or any other aspect of the Note
Agreement and/or the Note. The forbearance is therefore limited exclusively to
the specific period of time and circumstances covered by this letter, and this
letter is without prejudice to, and hereby expressly reserves, all other rights
and remedies of Apollo.
AGREED AND ACCEPTED:
AIF-II, L.P.
By: Apollo Advisors, L.P., Very truly yours,
its General Partner
By: Apollo Capital Management, ARIS INDUSTRIES, INC.
Inc., its General Partner
By: /s/ ROBERT A. KATAZ By: /s/ PAUL SPECTOR
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Robert A. Katz, Vice Paul Spector,
President Senior Vice-President
