UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A, AMENDMENT NO. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report Date (Date of earliest event reported) July 1, 1996
ITHACA INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 33-52852 56-1385842
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification NO.)
Highway 268 West, P.O. Box 620,Wilkesboro, NC 28697
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (910) 667-5231
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The Current Report on Form 8-K filed with the Securities and
Exchange Commission on July 1, 1996 (the "Report") is hereby amended by this
Amendment No. 1 to change each reference from the date "August 1, 1996" on the
second line of the first paragraph to the date "August 31, 1996" in each such
place, as indicated below.
Item 5 of the Report is hereby amended and restated in its entirety as
follows:
Item 5. Other Events
On June 28, Ithaca's banks granted an additional default waiver
until August 31, 1996. Ithaca's banks also waived until August 31, 1996,
payment of three $5.7 million term loan payments. Ithaca is currently out of
compliance with certain financial covenants in its credit agreement and does
not anticipate that it will be in compliance with certain of the financial
covenants in its credit agreement for the foreseeable future.
Also, as reported earlier, Ithaca has not paid the interest payments
due on December 15, 1995 and June 15, 1996, on its 11.125% Senior Subordinated
Notes (the "Notes"). The waiver from Ithaca's banks provides that the failure
to make such interest payments does not constitute a default or event of
default under Ithaca's credit agreement unless and until the indebtedness
pursuant to the Notes shall have become due prior to its stated maturity by
reason of such failure, or any holder of Notes ("Noteholder") (or the Trustee
under the Note Indenture) shall have exercised any remedy under the Note
Indenture, or shall have initiated any legal proceeding, in respect of, or
relation to, such failure. The bank waiver also provides that in order for
Ithaca to make all or a portion of the interest payments due December 15, 1995
and June 15, 1996, under the Notes, Ithaca must have received a subordinated,
unsecured loan for an equal amount of immediately available funds pursuant to
a promissory note in form and substance reasonably satisfactory to the Agent
and the Co-Agent banks under the credit agreement.
Ithaca is in discussions with its banks and advisers to its
Noteholders with respect to a long-term restructuring of the Notes and
Ithaca's bank debt.
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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 hereunto duly authorized.
ITHACA INDUSTRIES, INC.
Date: July 10, 1996 By:/s/ Eric N. Hoyle
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Eric N. Hoyle
Senior Vice President - Finance
and Administration Chief Financial
and Accounting Officer
