UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): October 24, 2008
Champion Enterprises, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Michigan
(State or Other Jurisdiction of Incorporation)
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| 1-9751
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38-2743168 |
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| (Commission File Number)
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(IRS Employer Identification No.) |
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| 755 W. Big Beaver, Suite 1000, Troy, Michigan
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48084 |
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| (Address of Principal Executive Offices)
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(Zip Code) |
(248) 614-8200
(Registrant’s Telephone Number, Including Area Code)
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
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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 October 24, 2008, Champion Home Builders Co. (“Champion Homes”), a wholly-owned subsidiary
of Champion Enterprises, Inc. (the “Company”), the Company and certain additional subsidiaries of
the Company entered into a Fourth Amendment to Amended and Restated Credit Agreement (the “Fourth
Amendment”) with certain financial institutions and other parties thereto as lenders (the
“Lenders”) and Credit Suisse, Cayman Islands Branch (“Credit Suisse”), as Administrative Agent,
which modifies the Amended and Restated Credit Agreement, dated as of April 7, 2006, as amended,
among Champion Homes, the Company, the Lenders and Credit Suisse, as Administrative Agent (the
“Credit Agreement”). The Fourth Amendment includes: (i) for the covered period beginning September
27, 2008 and ending January 2, 2010, amendments to the financial covenants to eliminate the maximum
senior leverage ratio, minimum interest coverage ratio and minimum fixed charge ratio in lieu of
new minimum quarter-end liquidity and minimum twelve-month EBITDA covenants; and (ii) a provision
for the repayment of no less than $10 million of revolving loans and a prepayment of $23.5 million
of term loans.
Other than the Credit Agreement, as amended, there are no material relationships between
Credit Suisse or the Lenders and the Company or any of their respective affiliates, other than as
follows: (i) the Company and its affiliates may have customary banking relationships with one or
more of the Lenders and (ii) affiliates of Credit Suisse have in the past provided investment
banking and investment banking-related services to the Company and certain of its subsidiaries, and
these entities may continue to do so in the future.
The foregoing description of the Fourth Amendment is qualified in its entirety by reference to
the full text of the Fourth Amendment, which is filed as Exhibit 10.1 hereto and is incorporated
herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Description |
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Exhibit 10.1
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Fourth Amendment to Amended and Restated Credit Agreement |