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U.S. 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 10, 2001
U.S. PLASTIC LUMBER CORP.
(Exact Name of Registrant as Specified in its Charter)
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Nevada 3080 87-0404343
(State of incorporation (Primary Standard Industrial (I.R.S. Employer
/organization) Classification Code Number) Identification No.)
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2300 W. Glades Road, Suite 440 W, Boca Raton, Florida 33431
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: 561-394-3511
Former Name or Former Address if Changed Since Last Report: Not Applicable.
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not Applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable
ITEM 5. OTHER EVENTS
Reference is made to Exhibit 10.46, Master Credit Agreement with Bank of America
(the "Agreement"), as filed with the Company's Quarterly Report on Form 10-Q for
the quarterly period ended June 30, 2000. The terms of the Agreement sets forth
certain financial covenants, primarily related to the Company's earnings, as
defined, and funded debt, which were subsequently amended in the Waiver and
First Amendment Agreement with Bank of America ("Waiver Agreement"), as filed
with the Company's Quarterly Report on Form 10Q for the quarterly period ended
September 30, 2000 as Exhibit 10.47. At December 31, 2000 the Company did not
comply with certain covenants as defined in the Waiver Agreement, and is
currently in negotiations with the banks to obtain the appropriate waivers or
forbearance agreement. However, the Company's failure to comply with the
covenants does constitute a default by the Company under the terms of the Waiver
Agreement. While the Company believes it will be successful in obtaining the
necessary waivers or forbearance from Bank of America and the other lenders that
are party to the Waiver Agreement, failure to do so could have a material
adverse impact upon the Company.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not Applicable.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Not Applicable.
ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable.
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
Not Applicable.
EXHIBITS
None.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this registration statement to be signed on
its behalf by the undersigned hereunto duly authorized.
U.S. Plastic Lumber Corp.
(Registrant)
Date: January 10, 2001 By: /s/ Bruce C. Rosetto
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Bruce C. Rosetto, Vice President and
General Counsel/Secretary
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