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CURRENT REPORT ON FORM 8-K
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): December 15, 1999
KEY PLASTICS L.L.C.
(Exact name of Registrant as specified in its charter)
Michigan 333-26729 35-1997449
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
21333 Haggerty Road Suite 200
Novi, Michigan 48375
(Address of principal executive offices)
Registrant's telephone number, including area code: (248) 449-6100
N/A
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. OTHER EVENTS.
On November 15, 1999, Key Plastics L.L.C. (the "Registrant") executed
an amendment ("the Amendment") to its Senior Credit Facility. In addition to the
relaxation of certain financial covenants from September 30, 1999 through
September 29, 2000, the Amendment required the Registrant to deliver member
commitments to provide the Registrant with additional equity of at least $15
million by December 31, 1999 and, if needed, a maximum of an additional $10
million through September 29, 2000.
In order to allow the Agent Bank under the Senior Credit Facility time
to establish, with the Registrant, future covenant requirements for the Senior
Credit Facility, and further negotiate other potential modifications to the
Senior Credit Facility, the Senior Credit Facility was further modified,
effective December 15, 1999, by extending the deadline for the member
commitments required by the Amendment until January 31, 1999. The extensions
were supported with a Maintenance / Support Agreement (the "Agreement") executed
by certain shareholders of the Registrant's majority member, Key Plastics
Holdings, Inc. These shareholders have agreed to make common or preferred equity
contributions, or contributions for debt subordinated only to the Senior Credit
Facility, in cash, to the Registrant in the aggregate amount of not less than $4
million on or before December 20, 1999. In addition, these same shareholders
have agreed to contribute a maximum of $5 million of additional cash for similar
securities if for any reason the Registrant is unable to borrow under its Senior
Credit Facility through February 15, 2000. Any contribution under the Agreement
is fully creditable towards the Registrant's obligations under the Amendment,
due now at January 31, 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.
KEY PLASTICS L.L.C.
/s/ Larry D. Schwentor
----------------------------
Larry D. Schwentor
Senior Vice President Finance &
Administration/Chief Financial
Officer
Dated: December 17, 1999
