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 (Date of earliest event reported): August 6. 1999
PIEMONTE FOODS, INC..
(Exact name of registrant as specified in its charter)
South Carolina 0-15696 57-0626121
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
400 Augusta Street
Greenville, South Carolina 29601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864) 242-0424
(Former name or former address, if changed since last report): Not applicable
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Item 5. Other Events
On August 6, 1999, First Union National Bank ("First Union"), the Company's
lender, filed suit against the Company and its subsidiaries in the Court of
Common Pleas in the County of Greenville, South Carolina seeking immediate
seizure of collateral securing its Notes from the Company and seeking judgment
against the Company in the amount of $1,931,355. The collateral securing First
Union's Notes consists of all of the Company's assets.
The value of the assets securing First Union's Notes is substantially less
than the amount of the indebtedness; therefore, there is no possibility of
realizing any funds for either creditors of the Company or its shareholders. The
Company will seek to obtain a release of sufficient funds from First Union to
continue to meet current payroll for employees. The Company will also cooperate
with First Union in the pending litigation so that the employees of the Company
might continue their employment with any other company that might purchase the
Company's assets. Accordingly, the Company intends to enter into a Consent Order
with First Union providing for judgment against it and its subsidiaries and
agreeing to the relief sought by First Union, allowing First Union to dispose of
the collateral and at the same time allowing the Company to operate its business
while seeking a purchaser of the assets of the Company.
The Company will cease all operations after such sale or, in any event,
after August 31, 1999.
Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
(c) Exhibits
Exhibit No. Description
99.1 Press release dated August 25, 1999
<PAGE>
SIGNATURE
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.
Date: August 25, 1999
PIEMONTE FOODS, INC.
By:
Name:
Title: _
<PAGE>
Exhibit Index
The following exhibit is filed herewith:
Exhibit No. Description
99.1 Press release dated August 6, 1999
Exhibit 99.1
PIEMONTE FOODS, INC.
FOR IMMEDIATE RELEASE NEWS RELEASE
On August 6, 1999, First Union National Bank ("First Union"), the Company's
lender, filed suit against the Company and its subsidiaries in the Court of
Common Pleas in the County of Greenville, South Carolina seeking immediate
seizure of collateral securing its Notes from the Company and seeking judgment
against the Company in the amount of $1,931,355. The collateral securing First
Union's Notes consists of all of the Company's assets.
The value of the assets securing First Union's Notes is substantially less
than the amount of the indebtedness; therefore, there is no possibility of
realizing any funds for either creditors of the Company or its shareholders. The
Company will seek to obtain a release of sufficient funds from First Union to
continue to meet current payroll for employees. The Company will also cooperate
with First Union in the pending litigation so that the employees of the Company
might continue their employment with any other company that might purchase the
Company's assets. Accordingly, the Company intends to enter into a Consent Order
with First Union providing for judgment against it and its subsidiaries and
agreeing to the relief sought by First Union, allowing First Union to dispose of
the collateral and at the same time allowing the Company to operate its business
while seeking a purchaser of the assets of the Company.
The Company will cease all operations after such sale or, in any event,
after August 31, 1999.
