-----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, NJwWffisjrVE3X299WJUa0Uh+k+1AqCE7XTU8Xv51aI8m84KB0iScBRgy0LvQR5E OkrTfVB1cHHFDjocYIIVjw== 0000899243-03-001095.txt : 20030701 0000899243-03-001095.hdr.sgml : 20030701 20030701162416 ACCESSION NUMBER: 0000899243-03-001095 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030701 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHART INDUSTRIES INC CENTRAL INDEX KEY: 0000892553 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED PLATE WORK (BOILER SHOPS) [3443] IRS NUMBER: 341712937 STATE OF INCORPORATION: DE FISCAL YEAR END: 2002 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11442 FILM NUMBER: 03768329 BUSINESS ADDRESS: STREET 1: 5885 LANDERBROOK DRIVE STREET 2: SUITE 150 CITY: MAYFIELD HEIGHTS STATE: OH ZIP: 44124 BUSINESS PHONE: 4407531490 8-K 1 d8k.htm CURRENT REPORT Current Report

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): July 1, 2003

 

Chart Industries, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware


  

1-11442


  

34-1712937


(State or other

jurisdiction of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

 

5885 Landerbrook Drive, Suite 150, Cleveland, Ohio    44124
(Address of principal executive offices)    (Zip Code)

 

Registrant’s telephone number, including area code: (440) 753-1490

 


(Former Name or Former Address, if Changed Since Last Report)


Item 7.    Financial Statements, Pro Forma Financial Information and Exhibits.

 

(c)    Exhibits.

 

99.1 Press Release, dated July 1, 2003.

 

Item 9.    Regulation FD Disclosure

 

On July 1, 2003, Chart Industries, Inc. issued a press release announcing that its senior lenders have tentatively agreed to further extend certain bank waivers and deferral of debt service payments until July 15, 2003. The agreement is subject to final approval by Chart’s senior lenders. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.

 

2


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.

 

       

CHART INDUSTRIES, INC.

Date: July 1, 2003      

By:

 

/s/ Michael F. Biehl


               

Michael F. Biehl

Chief Financial Officer and Treasurer

 

 

 

3


EXHIBIT INDEX

 

Exhibit

  

Description of Exhibit


99.1

   Press Release, dated July 1, 2003.

 

 

E-1

EX-99.1 3 dex991.htm PRESS RELEASE, DATED JULY 1, 2003 Press Release, dated July 1, 2003

EXHIBIT 99.1

 

LOGO   

5885 Landerbrook Dr., Cleveland, OH 44124

440-753-1490 (T) — 440-753-1491 (F)

www.chart-ind.com


 

For Immediate Release

 

CHART INDUSTRIES REACHES AGREEMENT TO FURTHER EXTEND BANK

WAIVERS AND DEFER DEBT SERVICE PAYMENTS

 

Parties Continue to Work Toward Finalizing Debt Restructuring Arrangements

 

CLEVELAND, OH – July 1, 2003 – Chart Industries, Inc. (OTCPK: CTIT) announced today that its senior lenders have tentatively agreed to further extend certain bank waivers and deferral of debt service payments until July 15, 2003. The agreement is subject to final approval by Chart’s senior lenders.

 

On May 1, 2003, Chart announced that it had reached an agreement in principle with its lenders to financially restructure the Company. At that time the Company’s senior lenders also agreed to grant an extension through June 30, 2003 of previously announced waivers and deferral of debt service payments. Chart and its senior lenders have continued working towards finalizing the terms of its debt restructuring. The extension until July 15 is intended to give the parties sufficient time to accomplish that goal. As previously announced, it is expected that, among other things, the terms of the Company’s proposed debt restructuring will result in substantial dilution of current shareholders of the Company, leaving them with approximately 5% of the equity of the restructured Company, plus warrants which, under certain conditions, will provide them with an opportunity to acquire up to an additional 5% of Company equity after the restructuring is completed.

 

“We continue to make significant progress and expect that our debt restructuring arrangements will be finalized in the next two weeks,” said Arthur S. Holmes, Chart’s Chairman and Chief Executive Officer. “The extensions are indicative of our mutual desire to achieve a consensual restructuring plan that is in the best interests of all parties involved.”

 

1


This release contains forward-looking statements that are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, continued slowness in the Company’s major markets, the impact of competition, the timing and effectiveness of operational changes and restructuring initiatives intended to increase efficiency and productivity and reduce operating costs, the success of the Company in obtaining final execution of the extension until July 15, 2003 from its senior lenders, completing its proposed debt restructuring, obtaining additional sources of capital and selling certain assets and the ultimate terms and conditions of such transactions, developments in disputes and litigation involving the Company, changes in general economic, political, business and market conditions, the threat of terrorism and the impact of responses to that threat, and foreign currency fluctuations that may affect worldwide results of operations. The Company does not assume any obligation to update any of these forward-looking statements.

 

Chart Industries, Inc. is a leading global supplier of standard and custom-engineered products and systems serving a wide variety of low-temperature and cryogenic applications. Headquartered in Cleveland, Ohio, Chart has domestic operations located in 11 states and an international presence in Australia, China, the Czech Republic, Germany and the United Kingdom.

 

For more information on Chart Industries, Inc. visit the Company’s web site at www.chart-ind.com.

 

Contact:   Michael F. Biehl

Chief Financial Officer

440-753-1490

 

2

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