-----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, U/lA6MXmuglXhjNYvmRuF0KY3an96eJ+wRbjevJguluNUuAkdaZQtRvB5bZ/DYMP cd6G9m8qHZaXYnEmTgHPrw== 0001144204-07-054424.txt : 20071016 0001144204-07-054424.hdr.sgml : 20071016 20071016094725 ACCESSION NUMBER: 0001144204-07-054424 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20071011 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20071016 DATE AS OF CHANGE: 20071016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PORTA SYSTEMS CORP CENTRAL INDEX KEY: 0000079564 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 112203988 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08460 FILM NUMBER: 071173252 BUSINESS ADDRESS: STREET 1: 6851 JERICHO TURNPIKE CITY: SYOSSET STATE: NY ZIP: 11791 BUSINESS PHONE: 5163649300 MAIL ADDRESS: STREET 1: 6851 JERICHO TURNPIKE CITY: SYOSSET STATE: NY ZIP: 11791 8-K 1 v090353_8k.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
______________________

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 11, 2007


Porta Systems Corp.
(Exact name of registrant as specified in its charter)


Commission File Number: 1-8191

Delaware
(State or other jurisdiction of
incorporation or organization)
11-2203988
(IRS Employer Identification No.)
 
 
   
6851 Jericho Turnpike, Syosset, New York
(Address of principal executive offices)
11791
(Zip Code)


516-364-9300
(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:

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))
 
 
 
 
Item 1.01 Entry into a Material Definitive Agreement

On October 11, 2007, the Company and Cheyne Special Situations Fund L.P., (the "Senior Debt Holder"), entered into an amendment to the Amended and Restated Loan and Security Agreement, dated as of November 28, 1994, as amended, (the "Agreement"), to extend the maturity of the Company’s senior debt to February 1, 2008. As part of the extension, except as provided below, the Senior Debt Holder agreed to the deferral of interest on the senior debt to February 1, 2008 or the earlier occurrence of an Event of Default. The amendment provides for an interest payment to the Senior Debt Holder of $729,167 on February 1, 2008. 

 
 
 
 
 
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.
     
  Porta Systems Corp.
 
 		  
 		  
 
Date: October 16, 2007 By:   /s/ Edward B. Kornfeld
 
Chief Executive Officer
  Chief Financial Officer
 
 
 
 
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