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): May 31, 1996
GLENGATE APPAREL, INC.
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(Exact name of registrant as specified in its charter)
Delaware 33-72880 22-3266971
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(State or other juris- (Commission File (I.R.S. Employer
diction of incorporation) Number) Identification
No.)
207 Sheffield Street
Mountainside, New Jersey 07092
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (908) 518-0006
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ITEM 1 TO ITEM 4: None.
ITEM 5: OTHER EVENTS
On May 31, 1996, GlenGate Apparel, Inc. ("GlenGate"), a New Jersey
corporation, entered into a modification of its credit facility
with Valley National Bank, pursuant to which the maximum amount
available under GlenGate's credit facility was increased by
$500,000 to a maximum of $2,000,000 outstanding at any one time.
In connection with obtaining this credit enhancement, GlenGate
negotiated with the Koffman Group, a diversified investment firm of
Binghamton, New York, for the provision of a letter of credit in
the amount of $500,000 in favor of Valley National Bank, which
letter of credit serves as additional security for the credit
facility. In addition, GlenGate has granted to the Koffman Group
the exclusive right for sixty (60) days to negotiate the terms for
an equity investment in GlenGate of up to $1,500,000.
ITEM 6 TO ITEM 8: None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this Current Report to
be signed on its behalf by the undersigned hereunto duly
authorized.
GLENGATE APPAREL, INC.
June 3, 1996 By: /s/ George J. Gatesy
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George J. Gatesy
President
