- Current report filing (8-K)
05 December 2008 - 9:11AM
Edgar (US Regulatory)
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): November 28,
2008
EQUITY
MEDIA HOLDINGS CORPORATION
(Exact
Name of Registrant as Specified in Charter)
Delaware
|
000-51418
|
20-2763411
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
|
|
One
Shackleford Drive, Suite 400
Little
Rock, Arkansas
|
72211
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code: (501) 219-2400
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.04
|
Triggering
Events That Accelerate or Increase a Direct Financial Obligation
or an
Obligation under an Off-Balance Sheet
Arrangement
|
On
November 28, 2008 the Company was notified that due to defaults existing under
its loan documents with certain lenders, the lenders have declared all
commitments under the loan documents terminated and the loans and all other
obligations under the loan documents immediately due and payable by the Company
and its subsidiaries, as borrowers. The amount currently due pursuant to this
notice is approximately $41,500,000.
The
default notice relates specifically to the Company’s Restated Credit Agreement
dated as of February 13, 2008, as amended and supplemented by a certain first
amendment to Third Amended and Restated Credit Agreement and Forbearance
Agreement dated as of March 19, 2008, a certain second amendment to Third
Amended and Restated Credit Agreement and Forbearance Agreement dated as of
April 28, 2008, a certain third amendment to Third Amended and Restated Credit
Agreement and Forbearance Agreement, dated as of June 24, 2008, among the
borrowers party thereto, the lenders party thereto, Silver Point Finance, LLC
and Wells Fargo Foothill, Inc., as collateral agent.
On
December 2, 2008, Silver Point Finance, LLC filed an action against the Company
and certain of its subsidiaries seeking, among other relief, an appointment
of a
receiver to take possession of the Company for purposes of preserving the value
of the Company’s assets. The Company is currently evaluating its potential
responses to this action.
Item
9.01.
|
Financial
Statements, Pro Forma Financial Information and
Exhibits
|
10.1
Form
of Acceleration of Loans under Credit Agreement document
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
|
|
EQUITY
MEDIA HOLDINGS CORPORATION
|
|
|
|
December
4, 2008
|
By:
|
/s/
Patrick G. Doran
|
|
Patrick
G. Doran
|
|
Chief
Financial Officer
|
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