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) March 3, 1998 (regarding a
Feb. 27, 1998 occurrence)
CONCORD ENERGY INCORPORATED
(Exact name of Registrant as specified in charter)
Delaware 2-6806-NY 22-2670198
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1515 Simmons Street, Jourdanton, Texas 78026
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (830) 769-3955
________________________________________________________________________________
(Former name or former address if changed since last report)
<PAGE>
Item 5. Other Events.
On February 27, 1998 the Company successfully executed a Direction,
Instruction and Consent to Forebearance by Trustee, by which $2,920,000 of debt
which was due February 27, 1998, is now payable on or before February 27, 1999.
The Company will continue its efforts to secure long-term financing to replace
these notes.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99) Direction, Instruction and Consent to Forebearance by Trustee.
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<PAGE>
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.
Concord Energy Incorporated
(Registrant)
Dated: March 3, 1998 By:/S/ Deral Knight
-------------------------------------
Deral Knight,
President, Chief Executive Officer
and Chairman of the Board of Directors
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DIRECTION, INSTRUCTION AND CONSENT TO
FORBEARANCE BY TRUSTEE
We, the undersigned Holders of the principal amount of the Concord Energy
Incorporated 10 percent Notes ("Notes") identified below and issued pursuant to
that certain Indenture of Trust between Concord Energy Incorporated ("Concord")
and First Fidelity Bank, National Association, as Trustee, dated as of May 8,
1995, as amended as of April 30, 1997, October 31, 1997, and December 31, 1997,
("the Original Indenture") (capitalized terms shall have the meaning assigned to
such terms in the Original Indenture) which amendments extended the maturity
date of the Notes to February 27, 1998, hereby direct and instruct the Trustee
to forbear and consent to forbearance by the Trustee until February 27, 1999, of
any and all actions related to any failure by Concord to pay the principal and
interest on the Notes when due and payable, including, but not limited to, any
remedy provided for under the Original Indenture available to the Trustee or the
Note Holders or at common law or equity and pursuant to Section 7.04 and
10.02(b)(c) and (e), waive any default with respect to failure to pay principal
and interest on February 27, 1998, with the principal and interest to be paid on
or before February 27, 1999, said waiver shall remain in effect until February
27, 1999. Interest shall continue to be otherwise payable in accordance with the
terms of the Original Indenture.
We further indemnify the Trustee in connection with any loss or liability,
including reasonable expenses, arising as a result of this Direction,
Instruction and Consent to Forbearance, except for any loss or liability
incurred by the Trustee as a result of the Trustee's gross negligence or wilful
misconduct. This Direction, Instruction and Consent to Forbearance is effective
upon execution and shall bind any Note Holder who has consented thereto and any
subsequent holder of the Note or a portion of a Note that evidences the same
debt as the consenting holder's Note.
<PAGE>
The parties may sign any number of copies of this Consent and the Consent
may be simultaneously executed in several counterparts, each signed copy shall
be an original, but all of them together represent the same agreement.
By:/s/ Nunzio Locastro By:/s/ Joyce Marino
---------------------------------- ----------------------------------
Nunzio Locastro Date:___________ Joyce Marino Date:________
6 Warwick Road 32 East River Road
East Brunswick, NJ 08816 Rumson, NJ 07760
Principal Amount: $70,000 Principal Amount: $200,000
By:/s/ Madeline Stabile By:/s/ Gerald Chiara
---------------------------------- ----------------------------------
Madeline Stabile Date:___________ Gerald Chiara Date:________
Foundation, Inc. 94 Boulevard
2 Claridge Drive Mountain Lakes, NJ 07046
Claridge House 2, Apt 11LE
Verona, JN 07044 Principal Amount: $50,000
Principal Amount: $1,075,000
By:/s/ Vincent A. Stabile By:/s/ Jadwiga Z. Mues Trust
---------------------------------- ----------------------------------
Vincent A. Stabile Date:________ Jadwiga Z. Mues Trust Date:______
Trustee UTC 7185 Jadwiga Z. Mues TTEE DTD
2 Claridge Drive 8/31/95
Claridge House 2, Apt. 11LE 1211 Gulf of Mexico Drive
Verona, NJ 07044 Apt. 210
Long Boat Key, FL 34228
Principal Amount: $400,000
Principal Amount $30,000
By:/s/ Vincent Calarino By:/s/ Fong Mei Chang
---------------------------------- ----------------------------------
Vincent Calarino Date:2/27/98 Fong Mei Chang Date: 2/27/98
4361 G 40 Thatian Gardens 6317 Sun High Drive
Holiday, FL 34691 Newport Richey, FL 34655
Principal Amount $20,000 Principal Amount: $90,000
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By:/s/ Lewco Securities By:/s/ Peter Balner & Tammy Balner
---------------------------------- ----------------------------------
Lewco Securities Date:2/25/98 Date:2/26/98
A/C Schroder Inc. Peter Balner & Tammy Balner JT WROS
Harborside Plaza 401, Plaza 3 P. O. Box 2709
Jersey City, NJ 07311 Watchung, NJ 07060
Principal Amount: $70,000 Principal Amount: $100,000
By:/s/ Mel Schlesinger By:/s/ Lewis Coveler
---------------------------------- ----------------------------------
Mel Schlesinger Date:2/27/98 Lewis Coveler Date:2/27/98
33 Ethan Allen Dr. /s/ Linda Coveler
Cranbury, NJ 08512 ----------------------------------
Linda Coveler JT WROS
Principal Amount: $100,000 2640 Talbot
Houston, TX 77005
Principal Amount: $50,000
By:/s/ Agnes J. Hendry By:/s/ Maria Winter Cust
---------------------------------- ----------------------------------
Agnes J. Hendry Date:___________ Maria Winter Cust Date: 2/26/98
1430 Rahway Road for Eric M. Winter
Scotch Plains, NJ 07076-9998 Old Army Post Road
Morristown, NJ 07960
Principal Amount: $20,000
Principal Amount: $5,000
By:/s/ Harry Hart By:/s/ Hans Lerch
---------------------------------- ----------------------------------
Harry Hart Date: 2/27/98 Hans Lerch Date:________
9600 S. Ocean Dr.#1403 198 High Street
Jensen Beach, FL 34957 Manchester, CT 06040
Principal Amount: $25,000 Principal Amount: $50,000
By:/s/ Joel Kaplan By:/s/ Janice F. Dlugi
---------------------------------- ----------------------------------
Joel Kaplan Date: 2/27/98 Janice F. Dlugi Date: 2/27/98
/s/ Rochelle Kaplan 8 Barberry Row
---------------------------------- Chester, NJ 07930
Rochelle Kaplan JT WROS
23 Redgrave Avenue Principal Amount: $25,000
Staten Island, NY 10306
Principal Amount: $75,000
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By:/s/ Mary Novak By:/s/ William L. Lurie
---------------------------------- ----------------------------------
Mary Novak Date: 2/26/98 William L. Lurie Date: 2/28/98
587 7th Street 93 Taylor Lane
Brooklyn, NY 11215 Harrison, NY 10528
Principal Amount: $165,000 Principal Amount: $25,000
By:/s/ Art Weber By:/s/ Walter W. Peine
---------------------------------- ----------------------------------
Art Weber Date:____________ Walter W. Peine Date: 3/2/98
/s/ Gail Weber 667 W. 161st Apt. 5B
---------------------------------- New York, NY 10032
Gail Weber JT WROS
28 Chamberlain Road Principal Amount: $35,000
Flemington, NJ 08822
Principal Amount: $20,000
By:/s/ Deral Knight
----------------------------------
Deral Knight Date: 3/1/98
P. O. Box 8190
Horseshoe Bay, Texas 78657
Principal Amount: $220,000
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