<PAGE> 1
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): April 21, 2000
-----------------------------
Crown Crafts, Inc.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 1-7604 58-0678148
- ------------------------------------------------------------------------------
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
1600 RiverEdge Parkway, Suite 200, Atlanta, Georgia 30328
- ------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 644-6400
---------------------------
<PAGE> 2
Item 5. Other Events.
A. The Company has reached an agreement in principle with its lenders
to extend from June 4 to August 31, 2000 the expiration date of their loan
agreements.
The agreement was reached following a presentation by the Company
on April 21, 2000 to Wachovia Bank, N.A., Bank of America, N.A. and the
Company's long-term lender, The Prudential Insurance Company of America, of a
cost reduction and control plan and other proposed actions to return the Company
to profitability. The lenders have agreed in principle to reset the overadvance
limits and certain financial covenants to be consistent with the plan. The
lenders will also be receiving additional and more frequent financial and cash
flow information.
Formal documents reflecting the new arrangements are expected to be
prepared and executed as soon as practical.
B. David S. Fraser, vice president of the Company since July 1998 and
chief financial officer since August 1998, resigned effective April 7, 2000. A
search for a replacement has been underway since early April. Meanwhile, the
CFO functions will be carried out by the Acting President, the Treasurer, and
the Controller.
<PAGE> 3
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: /s/ Roger D. Chittum
------------------------------------------------------
Name: Roger D. Chittum
-----------------------------------------------
Title: Senior Vice President, Law and Administration
----------------------------------------------
Dated: April 25, 2000
