Delta Financial Corp - Current report filing (8-K)
07 Diciembre 2007 - 5:02AM
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):
December 6, 2007
Delta
Financial Corporation
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
|
1-12109
|
11-33336165
|
|
(State
or other jurisdiction of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
1000
Woodbury Road, Suite 200, Woodbury, New York 11797-9003
(Address
of principal executive
offices) (Zip
Code)
Registrant's
telephone number, including area code:
(516) 364-8500
N/A
(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
2.04. Triggering Events that Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement.
On
December 6, 2007, the Company provided an update as to its financial condition
and current plans by means of a press release. A copy of the press
release is included as Exhibit 99.1 to this Report, and is incorporated by
reference herein.
The
Company previously announced on November 15, 2007 that it had entered into
a
letter of intent with an affiliate of Angelo, Gordon & Co. (“Angelo
Gordon”). The letter of intent contemplated, among other things, the issuance of
senior notes and common stock to that affiliate of Angelo Gordon. Also on
November 15, 2007, the Company entered into a standstill agreement with three
of
its warehouse providers. Each of these agreements was subject to several varying
conditions, including the Company’s pricing a securitization of mortgage
loans.
The
Company has been unable to complete such a securitization transaction upon
satisfactory terms. Consequently, on December 5, 2007, the Company received
reservation of rights notices from its warehouse lenders indicating that events
of default have occurred under the warehouse facilities and the standstill
agreement. Under these circumstances, the Company's financial obligations under
these agreements may be accelerated, and it may be subject to substantial
payment obligations, as well as incurring cross-default claims from its other
creditors.
In
light
of the foregoing, the Company does not expect to be able to consummate the
above-referenced transaction with the affiliate of Angelo Gordon. Furthermore,
the Company does not believe that it will be able to continue as a going
concern.
Item
8.01. Other Events.
The
Company presently intends to file shortly for protection under the federal
bankruptcy code. The Company intends to continue to operate its business as
a
“debtor in possession” as provided under the federal bankruptcy code; however,
it intends to suspend taking new mortgage loan applications until further
notice.
The
Company is currently conducting discussions with entities that are potentially
interested in acquiring its assets and/or operations in connection with a
bankruptcy proceeding. However, due to the preliminary nature of these
discussions, no assurances can be given that the Company will complete any
such
transaction.
Item
9.01. Financial Statements and Exhibits
Exhibit(s)
99.1
Press
Release, dated December 6,
2007.
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.
DELTA
FINANCIAL
CORPORATION
(Registrant)
By:
/s/
Marc E.
Miller
Name:
Marc E.
Miller
Title:
Executive Vice
President
and
Secretary
Dated:
December 6, 2007
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