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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): February 2, 1999
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COMPASS PLASTICS & TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-23027 95-4611994
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
15730 South Figueroa Street, Gardena, California 90248
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (323) 770-8771
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Page 1 of 5
Exhibit Index Appears on Page 4
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CURRENT REPORT ON FORM 8-K
COMPASS PLASTICS & TECHNOLOGIES, INC.
February 2, 1999
Item 5. Other Events
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The information contained in the Press Release issued by Compass
Plastics & Technologies, Inc., dated February 11, 1999, a copy of which is
attached hereto as Exhibit 99.1, is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Financial Statements of Businesses Acquired.
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Not applicable.
(b) Pro Forma Financial Information.
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Not applicable.
(c) Exhibits.
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99.1 Press Release issued by Compass Plastics &
Technologies, Inc. on February 11, 1999.
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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 hereunto duly authorized.
COMPASS PLASTICS & TECHNOLOGIES, INC.
Dated: February 11, 1999 By: /s/ Paul J. Iacono
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Paul J. Iacono
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release issued by Compass Plastics & Technologies, Inc.
on February 11, 1999.
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EXHIBIT 99.1
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Compass Plastics & Technologies Announces Acceleration of Bank Debt
Gardena, California (February 11, 1999)---Compass Plastics & Technologies, Inc.
(NASDAQ/SmallCap:CPTI) announced today that it is negotiating with its lenders,
Manufacturers Bank and California Bank & Trust, to restructure the terms of
indebtedness of the Company and its subsidiaries that is in default due to
failure to comply with certain financial covenants. The Company received notice
from the banks on February 2, 1999 of acceleration and demand for immediate
payment in full of all amounts due under the loan agreement, aggregating
approximately $12,000,000. The banks have expressed their willingness to forbear
exercising their rights and remedies on a day-to-day basis subject to continued
progress in negotiating a restructuring. The banks have reserved the right to
exercise all of their rights and remedies at any time.
Compass President & CEO Michael A. Gibbs said, "We are working diligently to
amend our senior lending arrangements to cure the default. We expect to reach
agreement on terms in the next few weeks."
Compass Plastics & Technologies, Inc., through its wholly-owned subsidiaries, AB
Plastics Corporation and M.O.S. Plastics, Inc., is a leading contract
manufacturer and assembler of custom injection-molded plastic components in the
western United States and Baja, Mexico. The company manufactures the plastic
exteriors of computer monitors, televisions, electronic keyboards, and other
consumer products. In addition to injection-molded components, the company
offers a broad range of "value added" services including painting, decorating
and assembly of mechanical and electrical components.
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