UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
|X| 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 20, 2000
Commission File Number: 001-13657
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STANDARD AUTOMOTIVE CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 52-2018607
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(State or other jurisdiction (I.R.S. Employer
of Incorporation) Identification No.)
321 Valley Road, Hillsborough, NJ 08844-4056
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(Address of principal executive offices) (Zip Code)
(908) 874-7778
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(Registrant's telephone number including area code)
Not applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On December 20, 2000, the Board of Directors of Standard Automotive
Corporation ("Standard") approved suspending the $ 289,000 quarterly dividend on
its 8 1/2 % Senior Convertible Redeemable Preferred Stock ("Preferred Stock").
As of December 20, 2000, there were 1,132,600 shares of Preferred Stock issued
and outstanding. The suspension of the Preferred Stock dividend was precipitated
by Standard's current violation of two loan covenants; however, Standard is in
full compliance with its payment of interest and principal on its outstanding
senior indebtedness.
Standard's Board of Directors anticipates a resumption of the Preferred
Stock dividend once Standard is back in compliance with performance measured
covenants contained in its credit agreement. In the interim, all Preferred Stock
dividends will accrue pursuant to the terms of the Certificate of Designation
for the Preferred Stock.
Standard issued a press release on December 20, 2000 announcing the
suspension of the Preferred Stock dividend. A copy of the press release is filed
as an exhibit to this Form 8-K and is incorporated by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits. The following exhibit is filed with this report on Form 8-K:
Exhibit 99 - Press Release of Standard Automotive Corporation dated
December 20, 2000
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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.
STANDARD AUTOMOTIVE CORPORATION
(Registrant)
/s/ Joseph Spinella December 27, 2000
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Joseph Spinella
Chief Financial Officer
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Index to Exhibits
Exhibit
Number Description
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99 Press Release of Standard Automotive Corporation dated
December 20, 2000
