- Current report filing (8-K)
27 November 2008 - 5:36AM
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
7, 2008
GREEN
BUILDERS, INC.
(Exact
name of registrant as specified in its charter)
Texas
(State
or other jurisdiction
of
incorporation)
|
001-33408
(Commission
File
Number)
|
76-0547762
(IRS
Employer
Identification
Number)
|
|
|
|
|
8121
Bee Caves Road
Austin,
Texas 78746
(Address
of principal executive offices)
|
|
|
|
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(512)
732-0932
(Registrant’s
telephone number, including area
code)
|
N/A
|
(Former
Name of 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:
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
8.01 Other Events.
Wilson
Family Communities, inc., (“WFC”), a wholly-owned subsidiary of Green Builders,
Inc. (the “Company”), was notified that on November 7, 2008 Franklin Bank,
S.S.B. (“Franklin Bank”), one of three lenders under the Loan Agreement (defined
below), was closed by the Texas Department of Savings and Mortgage Lending and
the Federal Deposit Insurance Corporation (the “FDIC”) was named
Receiver. WFC has not engaged in discussions with the FDIC regarding
Franklin Bank’s loan obligations under the Loan Agreement and Franklin Bank has
not made requested advances under the Loan Agreement subsequent to November 7,
2008.
On
September 29, 2008, the Borrowing Base Loan Agreement dated June 29, 2007 (the
“Loan Agreement”), as amended, by and among WFC and a syndicate of banks led by
RBC Bank (USA), as administrative agent (“RBC”), and including Franklin Bank and
International Bank of Commerce, Laredo, Texas (“IBC”), expired pursuant to its
terms. Although WFC is currently out of compliance with certain
covenants set forth in the Borrowing Base Agreement under the Loan Agreement,
RBC has continued to make amounts available to WFC pursuant to the Loan
Agreement for homes currently under construction. In addition, WFC
has been notified by IBC that IBC will not be funding any new loans made
pursuant to the Loan Agreement, although IBC has continued to fund existing
loans made prior to the expiration of the Loan Agreement.
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.
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GREEN BUILDERS,
INC.
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By:
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/s/ Clark
Wilson
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Clark
Wilson
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President
and Chief Executive Officer
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