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): August 8, 2000
Commission file numbers 333-42411 and 333-42411-01
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 August 8, 2000, the Company announced that it had terminated its
tender offer and related solicitation of consents to certain proposed amendments
for its 11% Senior Subordinated Notes. The Company also announced that it filed
for protection under Chapter 11 of the U. S. Bankruptcy Code in the United
States Bankruptcy Court for the District of Delaware. On August 9, 2000, the
Company will file a plan of reorganization that has been pre-approved by its
banks and bondholders in a format known as a "pre-packaged" bankruptcy.
The company also announced that the plan of reorganization includes a
substantial reduction in the company's subordinated debt through the cash
infusion from its major investor, Citicorp Venture Capital, Ltd. The company
will maintain liquidity through cash from operations and support from a $65
million facility provided by the existing bank group led by BNP Paribas as
agent. In addition, the majority of the bank group has already committed to a
$170 million exit financing facility that will finance the company upon
emergence from Chapter 11.
Item 7. Financial Statements and Exhibits
(a) and (b) Not applicable
(c) The exhibits furnished in connection with this Report are as
follows:
99.1 Company Press Release dated August 8, 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 August 8, 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: August 8, 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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