-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LRv4FKEgibTmGkcR+qCiuAOwUx9SxCX4FgyZvZhWo4CIrQz64Pq8EfJLaAGg3f9c vrIXkBjJUzWraySnCXaJJg== 0000950116-99-000216.txt : 19990215 0000950116-99-000216.hdr.sgml : 19990215 ACCESSION NUMBER: 0000950116-99-000216 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990202 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPASS PLASTICS & TECHNOLOGIES INC CENTRAL INDEX KEY: 0001040525 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 954611994 STATE OF INCORPORATION: DE FISCAL YEAR END: 1026 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23027 FILM NUMBER: 99537778 BUSINESS ADDRESS: STREET 1: 15730 S FIGUEROA ST CITY: GARDENA STATE: CA ZIP: 90248 BUSINESS PHONE: 2137708771 MAIL ADDRESS: STREET 1: 15730 S FIGUEROA ST CITY: GARDENA STATE: CA ZIP: 90248 8-K 1 FORM 8-K 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): February 2, 1999 ---------------- COMPASS PLASTICS & TECHNOLOGIES, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 0-23027 95-4611994 ----------------------------- ----------- ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 15730 South Figueroa Street, Gardena, California 90248 ------------------------------------------------ ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (323) 770-8771 --------------- Page 1 of 5 Exhibit Index Appears on Page 4 CURRENT REPORT ON FORM 8-K COMPASS PLASTICS & TECHNOLOGIES, INC. February 2, 1999 Item 5. Other Events ------------ The information contained in the Press Release issued by Compass Plastics & Technologies, Inc., dated February 11, 1999, a copy of which is attached hereto as Exhibit 99.1, is incorporated herein by reference. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits ------------------------------------------------------------------ (a) Financial Statements of Businesses Acquired. -------------------------------------------- Not applicable. (b) Pro Forma Financial Information. -------------------------------- Not applicable. (c) Exhibits. --------- 99.1 Press Release issued by Compass Plastics & Technologies, Inc. on February 11, 1999. 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. COMPASS PLASTICS & TECHNOLOGIES, INC. Dated: February 11, 1999 By: /s/ Paul J. Iacono --------------------------------------- Paul J. Iacono Chief Financial Officer EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 99.1 Press Release issued by Compass Plastics & Technologies, Inc. on February 11, 1999. EX-99 2 EXHIBIT 99 EXHIBIT 99.1 ------------ Compass Plastics & Technologies Announces Acceleration of Bank Debt Gardena, California (February 11, 1999)---Compass Plastics & Technologies, Inc. (NASDAQ/SmallCap:CPTI) announced today that it is negotiating with its lenders, Manufacturers Bank and California Bank & Trust, to restructure the terms of indebtedness of the Company and its subsidiaries that is in default due to failure to comply with certain financial covenants. The Company received notice from the banks on February 2, 1999 of acceleration and demand for immediate payment in full of all amounts due under the loan agreement, aggregating approximately $12,000,000. The banks have expressed their willingness to forbear exercising their rights and remedies on a day-to-day basis subject to continued progress in negotiating a restructuring. The banks have reserved the right to exercise all of their rights and remedies at any time. Compass President & CEO Michael A. Gibbs said, "We are working diligently to amend our senior lending arrangements to cure the default. We expect to reach agreement on terms in the next few weeks." Compass Plastics & Technologies, Inc., through its wholly-owned subsidiaries, AB Plastics Corporation and M.O.S. Plastics, Inc., is a leading contract manufacturer and assembler of custom injection-molded plastic components in the western United States and Baja, Mexico. The company manufactures the plastic exteriors of computer monitors, televisions, electronic keyboards, and other consumer products. In addition to injection-molded components, the company offers a broad range of "value added" services including painting, decorating and assembly of mechanical and electrical components. 5 -----END PRIVACY-ENHANCED MESSAGE-----