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IEAM Industrial Enterprises of America Inc (CE)

0.000001
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Industrial Enterprises of America Inc (CE) USOTC:IEAM OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.000001 0.00 01:00:00

- Current report filing (8-K)

31/10/2008 10:01am

Edgar (US Regulatory)


 
 
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): October 23, 2008
 
Industrial Enterprises of America, Inc.
(Exact name of registrant as specified in its charter)
 
         
Nevada   001-32881   13-3963499
(State or other jurisdiction   (Commission File Number)   (IRS Employer
of incorporation)       Identification No.)
651 Holiday Drive, Suite 300, Pittsburgh, Pennsylvania 15220
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (412) 928-2056
(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))
 
 

 


 

Section 1 — Registrant’s Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed, on October 11, 2007, Industrial Enterprises of America, Inc., a Nevada corporation (the “Company”), and its subsidiaries, Unifide Industries, Limited Liability Company, a New Jersey limited liability company, Pitt Penn Oil Co., LLC, an Ohio limited liability company, EMC Packaging, Inc., a Delaware corporation, Today’s Way Manufacturing LLC, a New Jersey limited liability company, and Pitt Penn Holding Co., LLC, an Ohio limited liability company (the subsidiaries, (“Subsidiaries”) together with the Company, collectively, the “Borrowers”), entered into a Credit Agreement, as amended (the “Credit Agreement”) and a promissory note (the “Note”) with Sovereign Bank (the “Lender”) in connection with a revolving credit line facility. Pursuant to the terms of the Credit Agreement, the Lender may make revolving credit loans to the Borrowers, on a joint and several basis, in an aggregate principal amount not to exceed $5,000,000.
As previously disclosed in its Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 19, 2008, the Company received a notice of default under the Credit Agreement on February 12, 2008. As a result of the default, the Lender notified the Company that it would no longer make any loans or advances to the Company, the Lender increased the rate of interest to the default rate under the Credit Agreement and the Lender revised certain terms of the Credit Agreement relating to Eligible Accounts, Eligible Inventory and Borrowing Base. The Lender further reserved the right to exercise all other remedies under the Credit Agreement, the First Continued, Amended and Restated Security Agreement dated October 11, 2007 and the Note (collectively the “Loan Documents”), including the right to declare all outstanding borrowings immediately due and payable.
As previously disclosed in its Current Report on Form 8-K filed with the SEC on May 30, 2008, on May 23, 2008, the Borrowers entered into a Forbearance Agreement with the Lender (the “Forbearance Agreement”), pursuant to which the Lender agreed to forbear from further exercising its rights under the Loan Documents until October 30, 2008 (the “Forbearance Termination Date”), or earlier in the event of a default under the Forbearance Agreement.
On October 23, 2008 the Company received a notice of Default under the Forbearance Agreement and the demand for immediate payment of all obligations under the Forbearance Agreement and the Loan Documents. The Company is continuing to work with the Lender on a more definitive resolution to its financing issues.
The foregoing summary of the Forbearance Agreement and the Credit Agreement are not complete and are qualified in their entirety by reference to the full text of the Forbearance Agreement and the Credit Agreement. A copy of the Forbearance Agreement is attached to the Company’s Current Report on Form 8-K filed on May 30, 2008, as Exhibit 10.1 and is incorporated by reference into this Item 1.01.
Section 2 — Financial Information
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report is incorporated by reference into this Item 2.03.

 


 

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.
         
  Industrial Enterprises of America, Inc.
(Registrant)
 
 
October 30, 2008  By:   /s/ James W. Margulies    
    James W. Margulies   
    Chief Executive Officer   
 

 

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