Interpharm Holdings Inc - Current report filing (8-K)
31 Março 2008 - 12:26PM
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)
March
25, 2008
Interpharm
Holdings, Inc.
(Exact
name of Registrant as specified in charter)
|
Delaware
|
0-22710
|
13-3673965
|
|
(State
or other jurisdic-
|
(Commission
|
(IRS
Employer
|
|
tion
of incorporation)
|
File
Number)
|
Identification
No.)
|
|
75
Adams Avenue, Hauppauge, New York
|
11788
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code:
(631)
952 0214
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
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
1.01
Entry
into a Material Definitive Agreement
As
set
forth in its Current Report on Form 8-K filed with the Securities and Exchange
Commission on February 6, 2008, on February 5, 2008, Interpharm Holdings, Inc.
(“Holdings”) and Interpharm, Inc. (the “Company”) entered into a Forbearance
Agreement (the “Forbearance Agreement”) with Wells Fargo Bank, National
Association (“Wells Fargo”) which, provided Holdings and the Company with
additional credit and provided for a forbearance by Wells Fargo from exercising
its remedies based on previous defaults with respect to Holdings’ and the
Company’s credit agreement with Wells Fargo (the “Wells Fargo Credit
Agreement”).
On
March
25, 2008, Holdings and the Company entered into an Amended and Restated
Forbearance Agreement with Wells Fargo (the “Amended Forbearance Agreement”).
Pursuant to the Amended Forbearance Agreement, in exchange for a $250,000
payment and other consideration, Wells Fargo agreed to provide the Company
with
additional borrowing availability through: (i) increasing the cap on the
Company’s revolving credit line by approximately $2.3 million; (ii) increasing
the percentage of inventory which is eligible as collateral for borrowing;
and
(iii) adding eligible receivables against which to borrow.
In
addition to the foregoing, the Amended Forbearance Agreement provides that
it
will be an event of default if the Company has not received a letter of intent
for a purchase of substantially all of its assets for an amount in excess of
the
amounts owing to Wells Fargo or a proposal to refinance the amounts owing to
Wells Fargo by March 31, 2008. The Company has already received a refinancing
proposal.
The
foregoing description of the Amended Forbearance Agreement is qualified, in
its
entirety, by the text of the agreement itself, which is annexed hereto as
Exhibit 10.1.
Item
9.01
Financial
Statements and Exhibits
Exhibit.
The following is furnished as an exhibit to this report:
|
Exhibit
No
.
|
Exhibit
Description
|
|
|
|
|
10.1
|
Amended
and Restated Forbearance Agreement dated March 25, 2008 among Wells
Fargo
Bank, National Association, acting through its Wells Fargo Business
Credit
operating division and Interpharm, Inc. and Interpharm Holdings,
Inc.
|
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.
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INTERPHARM
HOLDINGS, INC.
|
|
|
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March
31, 2008
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By:
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/s/
Peter Giallorenzo
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Peter
Giallorenzo
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|
|
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Chief
Financial Officer and
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|
|
|
Chief
Operating Officer
|
Interpharm (AMEX:IPA)
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