SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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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 31, 1999
The Bethlehem Corporation
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(Exact name of registrant as specified in its charter)
Pennsylvania 1-4676 24-0525900
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
25th and Lennox Streets, Easton, Pennsylvania 18045
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(Address of principal executive offices)
Registrant's telephone number, including area code: (610) 258-7111
N/A
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
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On December 31, 1999, The Bethlehem Corporation (the "company") issued
a press release which announced the following; (i) the receipt of waivers from
PNC Bank, N.A., and Bank of America for violation of covenants; (ii) an
extension from PNC Bank, N.A. for the sum of $125,000 due on January 3, 2000 to
January 31, 2000, (iii) the resignation of Salvatore J. Zizza as chairman of the
company and the appointment of Alan H. Silverstein and (iv) the appointment of
Seidman and Co., Inc, as an advisor to the Board of Directors. For further
information relating to the foregoing, please review the press release, which
has been filed as, an exhibit to this form 8-K.
Item 7. Exhibits and Financial Statements
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99(a) -- The Bethlehem Corporation press release dated December 31,
1999.
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SIGNATURE
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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.
The Bethlehem Corporation
Dated: January 3, 2000 By:/s/
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Antoinette L. Martin
Vice President, Finance
(Principal Financial and
Accounting Officer)
For 1:00 PM Release, Contact: Ms. Antoinette L. Martin, CFO
Friday, December 31, 1999 The Bethlehem Corporation
@ (610) 258-7111
THE BETHLEHEM CORPORATION ANNOUNCES
WAIVERS OBTAINED FROM LENDERS
Easton, PA - December 31, 1999-- The Bethlehem Corporation
(AMEX-BET) today announced that waivers were obtained from its lenders for the
non-compliance of certain financial covenants contained in its loan agreements
for the quarter ended August 31, 1999. In addition, the Company received an
extension for the sum of $125,000 due on January 3, 2000 from PNC Bank, N.A. to
January 31, 2000.
The Company announced the resignation of Salvatore J. Zizza as
Chairman of the Board of Directors and the appointment of Alan H. Silverstein,
the Company's CEO as the new Chairman. The Board of Directors elected an
executive committee consisting of five members to evaluate the future strategic
direction of the Company. The Company has retained Seidman and Co., Inc.,
Investment Banking as an advisor.
Headquartered in Easton, PA, The Bethlehem Corporation
provides thermal and filtration process solutions, equipment, systems and
technology. The Company's wholly owned subsidiary, Bethlehem Advanced Materials
designs and manufactures high-temperature furnaces for sale and for its own use
in the processing of specialty carbon, graphite and ceramic materials for
semiconductor and aerospace applications. In addition, the Company, through
Bethlehem Thermal, LLC provides metallized coatings for a variety of industries
using totally automated thermal spray systems.
