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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 25, 2000
Commission File No.: 0-14685
GENICOM CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 51 - 0271821
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
14800 CONFERENCE CENTER DRIVE
SUITE 400, WESTFIELDS
CHANTILLY, VIRGINIA 20151
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (703) 802-9200
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GENICOM CORPORATION AND SUBSIDIARIES
FORM 8-K
Item 5. Other Items
As previously reported, Genciom has been operating in
violation of its credit facility since the third
quarter of 1999. Since then the Company and its
lender group led by Bank of America, N.A. ("lender
group") have been in discussions concerning the
situation.
On February 25, 2000 Genicom received formal notice
from the lender group of the occurrence of certain
events of default under the credit facility,
including the Company's failure to make required
principal and interest payments. The notice also
stated that all amounts due under the credit facility
have been accelerated and are fully due and payable.
Under the terms of the credit facility, the lenders
can immediately exercise all of their rights and
remedies, including but not limited to their right to
offset the Company's bank accounts and foreclose on
their collateral. The lender group has exercised its
right of offset against the Company's operating
accounts, including those at Bank of America, and
notified the Company that it will continue to
exercise its offset rights against such accounts. The
Company has been directed to notify its account
debtors to continue to remit all payments of amounts
due to the Company to its lockbox account at Bank of
America in accordance with current practice.
The Company has been actively working to develop a
refinancing proposal for submission to the lender
group. The proposal would include an asset based
senior secured facility and additional mezzanine
financing. The Company has been notified of credit
committee approval of the availability of the senior
secured portion of its refinancing needs. In
addition, the Company has identified and is
negotiating with a potential investor for the
mezzanine level of financing. Part of these
negotiations include the potential investor
purchasing all of the Company's outstanding debt from
the lender group.
The Company is attempting to find solutions to the
lender group's issues and is considering all
available alternatives, including refinancing or the
filing of a Chapter 11 bankruptcy petition. The
actions of the lender group described above will have
a material adverse effect on the Company. There can
be no assurance that the Company will be able to
continue as a going concern.
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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.
GENICOM Corporation
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Registrant
Date: February 29, 2000
/s/ James C. Gale
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Signature
James C. Gale
Senior Vice President and Chief
Financial Officer
(Mr. Gale is a Corporate Vice
President and has been duly
authorized to sign on behalf of the
Registrant)
