Send us Feedback

Point.360 (PTSX)
Analysis
SUMMARY
BULLS
BEARS
TOPICS
Data
DATA CENTRAL
STOCK CHART
Financials
SEC FILINGS
BALANCE
INCOME
CASH FLOW

 
Annual Reports

 
Quarterly Reports

 
8-K

  • 8-K (May 15, 2013)
  • 8-K (May 9, 2013)
  • 8-K (Apr 22, 2013)
  • 8-K (Feb 7, 2013)
  • 8-K (Nov 15, 2012)
  • 8-K (Nov 8, 2012)

 
Other

Point.360 8-K 2010

Documents found in this filing:

  1. 8-K
  2. Ex-10.1
  3. Ex-10.1
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):January 29, 2010
 


 
Point.360
  
 
(Exact name of registrant as specified in its charter)
  

         
California
  
0-21917
  
01-0893376
(State or other jurisdiction
  
(Commission
  
(I.R.S. Employer
of incorporation)
  
File Number)
  
Identification No.)
         
2777 North Ontario Street
Burbank, California
      
 
91504
(Address of principal executive offices)
      
(Zip Code)

Registrant’s telephone number, including area code:
(818) 565-1400
  

 
N/A
  
 
(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 1.02.  TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.
 
On January 29, 2010, Point.360 (the “Company”) and Bank of America, N.A. (the “Bank”) agreed to terminate the Amended and Restated Standard Loan Agreement dated August 25, 2009 (the “Agreement”).  The Agreement provided until October 31, 2010 up to $5 million of revolving credit based on eligible accounts receivable, which amount was reduced to $1 million and $0.5 million pursuant to November 12, 2009 and January 29, 2010 forbearance Agreements (the “Forbearances”) between the Company and Bank.
 
The reduction of credit availability pursuant to the Forbearances was due to the Company’s failure to meet minimum fixed charge ratio covenant requirements as of September 30 and December 31, 2009.  The termination reflects the Company’s desire to avoid the continuing costs associated with the Agreement  that has solely been used for a $0.5 million standby letter of credit. The $0.5 million standby letter of credit created pursuant to the Agreement must be replaced or fully collateralized by cash by March 31, 2010.
 
Item 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.
 
10.1 
Amended and Restated Forbearance Agreement dated January 29, 2010 between the Company and Bank of America, N.A.

 
SIGNATURE
 
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.
 
   
Point.360
         
February 2, 2010
  
By:
  
/s/ Alan R. Steel
       
Name:  Alan R. Steel
       
Title:    Executive Vice President
       
             Finance and Administration
       
             Chief Financial Officer

-2-
 
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