-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RRrI0vYmncYgjibAuWekCMvF0CvW1Lul8Fux1FgWk1gzH0E1vxRdlV6oi4dGhQdu JFi6w5ak45IP6u4002QGDA== 0000950134-98-000148.txt : 19980112 0000950134-98-000148.hdr.sgml : 19980112 ACCESSION NUMBER: 0000950134-98-000148 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980106 ITEM INFORMATION: FILED AS OF DATE: 19980109 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEARCH FINANCIAL SERVICES INC CENTRAL INDEX KEY: 0000318672 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 411356819 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-09539 FILM NUMBER: 98503633 BUSINESS ADDRESS: STREET 1: 600 N PEARL ST STREET 2: STE 2500 CITY: DALLAS STATE: TX ZIP: 75201-2899 BUSINESS PHONE: 2149656000 MAIL ADDRESS: STREET 1: 600 N PEARL STREET STREET 2: SUITE 2500 CITY: DALLAS STATE: TX ZIP: 75201-2899 FORMER COMPANY: FORMER CONFORMED NAME: SEARCH CAPITAL GROUP INC DATE OF NAME CHANGE: 19930910 FORMER COMPANY: FORMER CONFORMED NAME: SEARCH NATURAL RESOURCES INC DATE OF NAME CHANGE: 19920703 8-K 1 FORM 8-K 1 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) January 6, 1998 -------------------------- SEARCH FINANCIAL SERVICES INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) DELAWARE 0-9539 41-1356819 - -------------------------------- ----------------------- ------------------------------------ (State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.) incorporation)
600 N. PEARL STREET SUITE 2500 DALLAS, TEXAS 75201-2899 - ----------------------------------------- ------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (214) 965-6000 ----------------------------- NOT APPLICABLE - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 ITEM 5. OTHER EVENTS. Registrant announced on January 6, 1998 that it and its subsidiary, MS Financial, Inc. ("MSF"), had reached agreement in principle to restructure the Loan Agreement dated July 31, 1997 among MSF, Registrant, Fleet Bank, N.A. as Agent and the financial institutions that are parties thereto as Banks (the "Loan Agreement"). The agreement in principle provides, among other things, that the Banks would waive the requirement that the principal amount of the loans outstanding under the $70 million Loan Agreement be reduced to $50 million at December 31, 1997. In addition, the maturity date of the loans would be advanced to March 31, 1998 from July 31, 1998 and the requirement to reduce the outstanding balance of the loans prior to maturity would be eliminated. Implementation of the agreement in principle is subject to various conditions, including approval by each Bank's internal credit committee and execution of definitive documentation. Pending such implementation, the Banks have extended the date for the required reduction to January 15, 1998. Registrant also announced on January 6, 1998 that it was continuing to negotiate with Hall Phoenix/Inwood, Ltd. ("HPIL") to restructure its $5 million subordinated indebtedness to HPIL. HPIL has sent Registrant notice of default under, and acceleration of, the indebtedness based on Registrant not paying dividends on its preferred stock for the quarter ended September 30, 1997. Registrant announced also that HPIL had filed suit in the District Court of Dallas County, Texas against Registrant and two of its subsidiaries that guaranteed payment of the indebtedness seeking payment of the indebtedness, interest, costs and attorney's fees and appointment of a receiver for Registrant and the two subsidiaries. Registrant believes appointment of a receiver is unwarranted and intends to defend itself vigorously if a mutually satisfactory restructuring of the subordinated debt is not agreed upon. Resolution of this matter with HPIL is also a condition to implementation of the restructuring of the Loan Agreement. 3 SIGNATURE 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. SEARCH FINANCIAL SERVICES INC. By: /s/ Ellis A. Regenbogen ---------------------------------- Ellis A. Regenbogen Executive Vice President Dated: January 8, 1998 -----END PRIVACY-ENHANCED MESSAGE-----