8-K

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): December 10, 2002

Commission File No. 333-72305

Advanced Glassfiber Yarns LLC

(Exact Name of Registrant as Specified in Charter)

Delaware	333-72305	58-2407014
(State or Other Jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)

AGY Capital Corp.

(Exact Name of Registrant as Specified in Charter)

Delaware	333-72305-01	57-1072917
(State or Other Jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)

2558 Wagener Road,

Aiken, South Carolina 29801

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (803) 643-1501

Item 3. Bankruptcy or Receivership.

On December 10, 2002, the Company and its wholly owned subsidiary, AGY Capital Corp., filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S Bankruptcy Court for the District of Delaware. The Company remains in possession of its assets and properties and the Company’s business and affairs will continue to be managed by the Company’s directors and officers, subject in each case to the supervision of the bankruptcy court.

The Company has received a commitment for up to $15,000,000 of debtor-in-possession financing from Wachovia Bank National Association.

On December 11 and December 12, 2002, the Company issued press releases relating to the foregoing. A copy of each release is attached hereto as a separate exhibit and each exhibit is incorporated in its entirety herein by reference.

Item 7(c). Exhibits.

99.3 Press Release dated December 11, 2002, announcing the Company’s voluntary filing for reorganization and receipt of a commitment for debtor-in-possession financing.

99.4 Press Release dated December 12, 2002, announcing the Company’s approved first-day orders in connection with its reorganization and interim borrowings.

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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.

Dated: December 17, 2002

ADVANCED GLASSFIBER YARNS LLC
By:	/s/ CATHERINE CUISSON
	Catherine Cuisson
	Vice President and Chief Financial Officer
	(Principal Accounting Officer)

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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.

Dated: December 17, 2002

AGY CAPITAL CORP.
By:	/s/ CATHERINE CUISSON
	Catherine Cuisson Vice President and Chief Financial Officer (Principal Accounting Officer)

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EX-99.3

Exhibit 99.3

ADVANCED GLASSFIBER YARNS LLC

AGY Files for Reorganization; Receives Commitment for $15 Million in DIP Financing

Daily Operations Continue Worldwide

Aiken, South Carolina, December 11, 2002/PRNewswire — Advanced Glassfiber Yarns LLC (AGY), one of the largest global suppliers of glassfiber yarns used in a variety of electronic, industrial, construction and specialty applications, announced that it and its wholly-owned subsidiary AGY Capital Corp. filed voluntary petitions for reorganization under Chapter 11 of the U. S. Bankruptcy Code late last evening. The Company’s international operations are excluded from the filing. The Company also announced that it has received a commitment for up to $15 million of debtor-in-possession (DIP) financing, subject to court approval, from Wachovia Bank National Association, which will be used to fund ongoing working capital needs, employee obligations, and other expenses.

The Company, which previously announced that it was in restructuring discussions with its senior secured lenders regarding approximately $180 million of indebtedness under a term loan and revolving credit facility, as well as certain holders of the Company’s $150 million of 9^7/8% senior subordinated notes, intends to utilize the protections and benefits of the Chapter 11 process to continue such restructuring discussions and further implement its restructuring plan. Chief Restructuring Officer Marc Pfefferle said, “This filing represents a further step in the Company’s restructuring efforts.”

Mr. Pfefferle emphasized that during the Chapter 11 process, the Company’s commitment to fulfill its obligations to its customers remains strong. “Daily operations of our facilities will continue as usual, and our employees will continue to be paid and receive benefits without interruption. The options afforded through the Chapter 11 process, coupled with access to DIP financing, will enable the Company to pursue and implement its restructuring plan in an efficient manner, and will help ensure that the Company is positioned to fulfill ongoing obligations to its

employees, customers and vendors throughout the world. This restructuring process will not alter our commitment to provide the highest quality yarns and services to our customers,” Pfefferle said.

The Company’s reorganization case was filed in the U.S. Bankruptcy Court for the District of Delaware in Wilmington. Information regarding this case can be obtained by dialing a toll free hotline at 866-262-9949. The Company will also be establishing an information link on its website, www.agy.com in the near future.

Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws. These statements are distinguished by use of the words “will,” “expect,” “intends” and words of similar meaning. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from the Company’s current expectations include general economic conditions, conditions in the market for electronics products, changes in the cost of materials and labor used in manufacturing, and the other risks detailed in the Company’s periodic reports and registration statements filed from time to time with the SEC.

EX-99.4

Exhibit 99.4

ADVANCED GLASSFIBER YARNS LLC

AGY Receives Approval of First-Day Orders in Connection with Reorganization

Interim Borrowings Approved Under DIP Financing Commitment

Aiken, South Carolina, December 12, 2002/PRNewswire — Advanced Glassfiber Yarns LLC (AGY), one of the largest global suppliers of glassfiber yarns used in a variety of electronic, industrial, construction and specialty applications, announced today that it has received Bankruptcy Court approval for various of its initial motions designed to maintain the efficiency of day to day business operations while the company is reorganizing under Chapter 11 of the U.S. Bankruptcy Code. As previously announced, and as a further step in the Company’s restructuring efforts, AGY filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code on December 10, 2002.

At the hearing, the Court also approved interim borrowings under the Company’s previously announced debtor-in-possession (DIP) financing commitment from Wachovia Bank National Association, which will be used to fund ongoing working capital needs, employee obligations and other expenses during the reorganization.

AGY filed its voluntary petition in the U.S. Bankruptcy Court for the District of Delaware in Wilmington. The Company’s next interim hearing date has been set for January 6, 2003.

Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws. These statements are distinguished by use of the words “will,” “expect,” “intends” and words of similar meaning. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable

assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from the Company’s current expectations include general economic conditions, conditions in the market for electronics products, changes in the cost of materials and labor used in manufacturing, and the other risks detailed in the Company’s periodic reports and registration statements filed from time to time with the SEC.