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): June 19, 2000
Commission file numbers 333-42411 and 333-42411-01
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Glenoit Corporation
(Exact name of registrant as specified in its charter)
Delaware 13-3862561
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
Glenoit Asset Corporation
(Exact name of registrant as specified in its charter)
Delaware 51-0343206
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
111 West 40th Street
New York, New York 10018
Telephone: (212) 391-3915
(Address, including zip code, and telephone number, including area code, of
Registrant's principal executive offices)
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Item 5. Other Events
On June 19, 2000, the Company announced that it had entered into
lock-up letters with certain holders of its 11% Senior Subordinated Notes.
Pursuant to terms of the lock-up letters, the Company will promptly commence a
tender offer and consent solicitation from all Noteholders which will provide
for the payment to the Noteholders of 17% of the face amount of principal
outstanding (or in the absence of such cash payment, the surrender of
substantially all the equity of the Company). The lock-up letter further
provides that it will terminate if the tender offer has not been commenced by
July 15, 2000 or certain other trigger events have not occurred by agreed upon
fixed dates.
Item 7. Financial Statements and Exhibits
(a) and (b) Not applicable
(c) The exhibits furnished in connection with this Report are as
follows:
Exhibit Number Description
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99.1 Company Press Release dated June 19, 2000.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Date June 19, 2000
GLENOIT CORPORATION
By /S/ LESTER D. SEARS
-----------------------------
Lester D. Sears
Executive Vice President and
Chief Financial Officer
(On behalf of the Registrant and as Principal
Financial and Accounting Officer)
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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: June 19, 2000
GLENOIT ASSET CORPORATION
By /S/ LESTER D. SEARS
-----------------------------
Lester D. Sears
Executive Vice President and
Chief Financial Officer
(On behalf of the Registrant and as Principal
Financial and Accounting Officer)
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FOR IMMEDIATE RELEASE
GLENOIT CORPORATION
NEW YORK, NY (June 19, 2000)--- Glenoit Corporation, a New York based
manufacturer and distributor of decorative home furnishings and specialty
fabrics for the apparel and automotive industries, today announced that it had
entered into lock-up letters with certain of the holders of its 11% Senior
Subordinated Notes. These lock-up letters are the result of negotiations with
Houlihan Lokey Howard & Zukin and Stroock & Stroock & Lavan LLP, in their
capacity as advisors to an informal committee of Noteholders.
As of Monday, June 19, 2000, lock-up letters had been executed by Noteholders
holding in the aggregate 83% of the aggregate principal amount of the
outstanding Notes. Pursuant to the terms of the lock-up letter, the Company will
promptly commence a tender offer and consent solicitation from the Noteholders
in connection with a general capital restructuring which will provide for the
payment to the Noteholders of 17% of the face amount of the Notes they hold
payable in cash (or in the absence of such cash payment, the surrender of
substantially all the equity of the Company). The lock-up letter further
provides that it will terminate if the tender offer has not been commenced by
July 15, 2000 or certain other trigger events have not occurred by agreed upon
fixed dates.
Glenoit's President and Chief Executive Officer, Thomas J. O'Gorman stated,
"This is the first major step forward in completing a financial restructuring
and providing the needed capital to continue Glenoit's future plans for growth".
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