SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K-A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.
Date of Report (Date of earliest event reported) June 5, 1998.
TENNEY ENGINEERING, INC.
(Exact name of registrant as specified in its charter)
New Jersey 1-4142 22-1323920
State or other (Commission File (IRS Employer
Jurisdiction of Number) Identification No.)
Incorporation)
1090 Springfield Road
Union, New Jersey 07083
(Address of Principal
Executive Offices) (Zip Code)
Registrant's Telephone Number, including area code: (908) 686-7870
Item 5 - Other Events
On June 5, 1998, Tenney Engineering, Inc. (the (Company()
received notice dated June 2, 1998, from Summit Bank (the (Bank()
advising that the Bank shall expect payment in full within thirty
(30) days of the date of said notice. As of May 29, 1998, the
outstanding balance due and owing to the Bank, including principal,
interest and late charges was the sum of $755,979.17. The per diem
after May 29, 1998 is $213.54. (Letter was filed as Exhibit
(10)1.(v) on Form 8-K dated June 5, 1998 and is incorporated herein
by reference.)
Counsel for the Bank further advised that if the Bank is not
in receipt of payment in full within thirty (30) days of the date
of said notice, the Bank will proceed to exercise all of its
available legal rights and remedies, including but not limited to,
the commencement of legal proceedings to collect the Note
indebtedness and to realize upon the Bank's collateral. As part of
any such legal proceedings, the Bank will also seek the collection
of its legal expenses.
An agreement in principle has been reached between the Company
and the Bank, its secured lender, to extend the maturity of the
Bank loan, currently past due, until July 15, 1999 pending
execution of documents. The agreement calls for a partial payment
and monthly payments until maturity, with the balance due July 15,
1999.
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.
TENNEY ENGINEERING, INC.
(Registrant)
By:
____________________________
Name: Martin Pelman
Title: Vice President, Finance/
Treasurer
(Principal Financial Officer)
Dated: July 23, 1998
