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UNITED STATES
Securities and Exchange Commission
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: July 14, 1997
JAYARK CORPORATION
(Exact name of registrant as specified in its character)
DELAWARE 0-3255
(State or other jurisdiction of incorporation) (Commission File No.)
13-1864519
(I.R.S. Employer Identification No.)
Post Office Box 741528, Houston, Texas 77274
(Address of principal executive offices) (Zip Code)
713-783-9184
(Registrant's telephone number, including area code)
(Former name, former address and fiscal year, if changed since last
report.)
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Item 5. Other Events
1. On June 1, 1997 the Registrant entered into a Second Forbearance and
Modification Agreement (the "Second Forbearance Agreement") with its
primary lender, State Street Bank and Trust Company ("SSB"). In the Second
Forbearance Agreement the Registrant further acknowledges that its
subsidiary, Rosalco, Inc. ("Rosalco") is not in compliance with certain
loan covenants under its current financing agreements with SSB. The Second
Forbearance Agreement provides Rosalco with a line of credit of $5,900,000
through June 30, 1997, $5,150,000 through July 31, 1997 and $4,400,000
after July 31, 1997 until August 31, 1997 (or earlier date terminating the
Second Forbearance Agreement which shall occur at the happening of an event
specified in said agreement) when the line of credit is due and payable.
2. By letter dated July 2, 1997, the Registrant was notified by The
Nasdaq Stock Market, Inc. that, due to the failure of its common shares to
meet the $1.00 minimum bid requirement or the alternative, the Registrant's
common shares will be delisted from the Nasdaq Stock Market effective with
the close of business on July 10, 1997.
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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.
JAYARK CORPORATION
Registrant
By: /s/ David L. Koffman Dated: July 14, 1997
David L. Koffman
President, Chief Executive Officer
