Annual Reports

 
Quarterly Reports

 
8-K

  • 8-K (Aug 22, 2017)
  • 8-K (Aug 9, 2017)
  • 8-K (Jul 28, 2017)
  • 8-K (May 15, 2017)
  • 8-K (May 9, 2017)
  • 8-K (May 1, 2017)

 
Other

GLOBAL PARTNERS LP 8-K 2007

Documents found in this filing:

  1. 8-K
  2. 8-K

 

 

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 16, 2007

 

GLOBAL PARTNERS LP

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-32593

 

74-3140887

(State or other jurisdiction of

 

(Commission

 

(IRS Employer

incorporation)

 

File Number)

 

Identification No.)

 

P.O. Box 9161

800 South Street

Waltham, Massachusetts 02454-9161

(Address of principal executive offices)

 

(781) 894-8800

Registrant’s telephone number

 

NOT APPLICABLE
 (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:

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 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 4.02                     Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On March 16, 2007, the audit committee of the Board of Directors of Global Partners GP LLC, the general partner of Global Partners LP (the “Partnership”), in consultation with management and the Partnership’s independent registered public accounting firm and following a review of the Partnership’s classification of its revolving line of credit, determined that the Partnership’s previously issued balance sheet as of December 31, 2005 should be restated.

The restatement did not have any impact on the Partnership’s previously reported income, cash flow or partners’ equity or compliance with any covenant under its credit agreement or any other debt instrument.  The Partnership’s independent registered public accounting firm expressed an unqualified audit opinion with respect to the Partnership’s consolidated balance sheets as of December 31, 2006 and 2005.  Furthermore, the Partnership’s independent registered public accounting firm concluded that management’s assessment that the Partnership maintained effective internal control over financial reporting as of December 31, 2006 is fairly stated, in all material respects, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”).  Also, in the opinion of the Partnership’s independent registered public accounting firm, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2006, based on the COSO criteria.

Historically, the Partnership classified its working capital revolving credit facility as a long-term liability as this facility has a contractual maturity of October 2, 2009 and no payments are required prior to that date.  However, the Partnership repays amounts outstanding and reborrows funds based upon the Partnership’s working capital requirements.  As such, only the minimum amount expected to be outstanding within twelve months after the balance sheet date should be excluded from current liabilities.  The Partnership has restated its balance sheet as of December 31, 2005 to properly reflect this classification.

The following is a summary of the impact of the restatement on the Partnership’s consolidated balance sheet at December 31, 2005 (in thousands):

 

 

As
Previously
Reported

 

Adjustments

 

Restated

 

Current portion of revolving line of credit

 

$

 

$

95,800

 

$

95,800

 

Total current liabilities

 

$

290,613

 

$

95,800

 

$

386,413

 

Revolving line of credit

 

$

181,600

 

$

(95,800

)

$

85,800

 

 

2




 

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.

GLOBAL PARTNERS LP

 

 

 

 

By:

Global GP LLC,

 

 

its General Partner

 

 

 

Date: March 22, 2007

 

/s/ Edward J. Faneuil

 

 

Edward J. Faneuil

 

 

Executive Vice President,

 

 

General Counsel and Secretary

 

3



Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki