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
June 28, 2002
Date of Report (Date of earliest event reported)
BALDWIN TECHNOLOGY COMPANY, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-9334 13-3258160
--------------------------- -------------- -----------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Twelve Commerce Drive, Shelton, CT. 06484
(Address of Principal Executive Offices and Zip Code)
(203) 402-1000
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if changed since Last Report)
1
Item 5. Other Events
On October 31, 2000, Baldwin Technology Company, Inc. ("Baldwin or the
"Company") entered into a $35,000,000 Revolving Credit Facility (the "Credit
Facility") with Fleet National Bank and First Union National Bank (collectively
the "Banks"), which had an original scheduled maturity date of October 31, 2003.
The Credit Facility consisted of a $25,000,000 Revolving credit line (the
"Revolver") and a $10,000,000 credit line to be utilized for acquisitions, (the
"Acquisition Line"). On January 28, 2002, following the divestiture of the roll
handling group, the Credit Facility was amended (the "Amended Credit Facility"),
which included the removal of the Acquisition Line, a reduction in the Revolver
to $21,000,000, subject to a borrowing base, (the "Amended Revolver") and a
change in the maturity date to October 1, 2002. In addition, $4,000,000 of the
Amended Revolver was converted into a term loan (the "Term Loan"), which matured
on June 28, 2002. The Company did not make the required $4,000,000 principal
payment on the Term Loan. The entire outstanding balance of $16,650,000 plus
outstanding letters of credit of approximately $3,068,000 under the Amended
Credit Facility remain payable on demand and continues to be classified as
short-term. In order to allow the Company additional time to obtain alternative
financing, the Banks have granted a forbearance on the collection of the
indebtedness until August 12, 2002.
The Company is currently negotiating with a number of alternative
lenders to obtain a new credit facility with one or more of these alternative
lenders. However, if alternative financing sources are not available, management
will take additional actions to meet liquidity needs.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
10.53 Forbearance Agreement dated June 28, 2002 among
Baldwin Americas Corporation, Baldwin Europe
Consolidated, Inc., and Baldwin Asia Pacific
Corporation, as Borrowers, and Baldwin Technology
Company, Inc., Baldwin Technology Corporation, Baldwin
Europe Consolidated BV, Baldwin Graphic Systems, Inc.,
Baldwin Kansa Corporation, Baldwin German Capital
Holding GmbH, Baldwin Grafotec GmbH and Baldwin Japan
Ltd., as Guarantors, and Fleet National Bank and First
Union National Bank as Lenders (filed herewith).
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
BALDWIN TECHNOLOGY COMPANY, INC.
--------------------------------
(REGISTRANT)
By: /s/ VIJAY C. THARANI
--------------------------------
VIJAY C. THARANI
(CHIEF FINANCIAL OFFICER)
Dated: July 16, 2002