UNITED STATES
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): December 13, 2000
OTR Express, Inc.
(Exact name of registrant as specified in charter)
Kansas 1-19773 48-0993128
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification Number)
804 N. Meadowbrook Drive, Olathe, KS 66062
(Address of Principal Executive Offices) (Zip Code)
(913) 829-1616
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Item 3. Defaults Upon Securities and Use of Proceeds
OTR Express Inc. ("the Company") has a revolving line of credit agreement, as
amended, which contains certain covenants relating to net worth, leverage
ratios, debt service coverage and other factors. The Company was in default
on the net worth and leverage ratio covenants at the end of third quarter
2000. The Company received a waiver of covenant violations as of September
30, 2000 from its revolving line of credit lender, HSBC Business Credit (USA)
Inc. ("HSBC"). Additionally, HSBC amended the covenants in the revolving line
of credit agreement for the fourth quarter of 2000 and all of 2001. A copy of
the waiver letter and amendment are attached as Exhibit 10(h) and incorporated
herein by reference.
Item 6. Exhibits and Reports on From 8-K
Exhibits
Exhibit Number Description
10(h) Waiver of covenants relating to net worth
and leverage ratio dated November 16, 2000
10(I) Amendment No. 6 To Loan And Security
Agreement And Other Transaction Documents
Dated November 16, 2000
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.
OTR EXPRESS, INC.
Date: December 13, 2000 By: /s/ William P. Ward
William P. Ward
President and Chief
Executive Officer
