8-K 1 amendment38k.txt 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 8, 2005 AVADO BRANDS, INC. ------------------------------------------------------ (Exact name of Registrant as Specified in its Charter) Georgia 0-19542 59-2778983 ------------------------------- ---------------- ------------------- (State or other Jurisdiction of (Commission File (IRS Employer Incorporation or Organization) Number) Identification No.) Hancock at Washington Madison, Georgia 30650 ---------------------------------------- ------------------------- (Address) (Zip Code) Registrant's telephone number, including area code: (706) 342-4552 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: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] 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 On February 8, 2005, Avado Brands, Inc. (the "Company") received final Bankruptcy Court approval of an amendment to its February 11, 2004 Post-Petition Credit Agreement. The amendment, among other things, extended the termination date of the agreement to the earlier of May 31, 2005 or the effective date of a joint plan of reorganization in the Chapter 11 Cases and amended certain financial covenants contained in the agreement. The amended covenants require the Company to achieve certain defined cash flow targets for its restaurant operations, limit the amount of the Company's general and administrative expenses, and also limit the amount the Company may incur related to repairs and maintenance and capital expenditures. In conjunction with the final approval of the amendment by the Bankruptcy Court, the Company paid a fee of $450,000 to the Credit Agreement lenders as a condition of the amendment. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits: 10.1 Amendment No. 3, dated as of February 8, 2005, to Post-Petition Credit Agreement, dated as of February 11, 2004, by and among Avado Brands, Inc., and its Subsidiaries as Borrowers, the lenders signatory thereto, and DDJ Capital Management, LLC, as Administrative Agent and Collateral Agent. 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. AVADO BRANDS, INC. By:/s/Raymond P. Barbrick ------------------------- Raymond P. Barbrick Chief Executive Officer Date: February 14, 2005 3