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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): July 16, 1999 (July 16, 1999)
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Crown Crafts, Inc.
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(Exact name of registrant as specified in its charter)
Georgia 1-7604 58-0678148
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
1600 RiverEdge Parkway, Suite 200, Atlanta, Georgia 30328
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 644-6400
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Item 5. Other Events
On July 16, 1999, Crown Crafts, Inc. (the "Company") reached agreement
in principle with all three of its existing senior lenders and has received
from each of them term sheets pursuant to which such lenders will agree to
extend the maturity dates, adjust financial and other covenants, and waive
defaults with respect of the Company's existing indebtedness. In exchange, the
Company will grant security interests in substantially all of its assets to the
lenders. The Company and the lenders have instructed their respective counsel
to complete preparation of definitive amendments to the existing loan
agreements and related documents to implement these agreements.
One effect of the proposed amendments is that approximately $73
million of the Company's indebtedness that otherwise would be classified as
current maturities of long-term debt on the Company's balance sheet for the
fiscal year ended March 28, 1999 will instead be classified as long-term debt.
The Company has delayed filing its Annual Report on Form 10-K pending the
completion of the negotiations with its lenders and presently expects to file
its Form 10-K promptly after the execution of the definitive documents
referenced above, which the Company expects to occur on or before July 31, 1999.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CROWN CRAFTS, INC.
By: MICHAEL H. BERNSTEIN
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Name: MICHAEL H. BERNSTEIN
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Title: PRESIDENT & CHIEF EXECUTIVE OFFICER
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Dated: July 16, 1999
