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): February 23, 2012
Cagle’s, Inc.
(Exact name of registrant as specified in its charter)
Georgia | | 001-07138 | | 58-0625713 |
(State or other jurisdiction | | (Commission | | (I.R.S. Employer |
of incorporation) | | File Number) | | Identification No.) |
1385 Collier Road NW, Atlanta, GA | | 30318 |
(Address of principal executive offices) | | (Zip Code) |
(404) 355-2820
(Registrants telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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))
Section 2 - FINANCIAL INFORMATION
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
On February 23, 2012, Cagle’s, Inc. and its wholly owned subsidiary Cagle’s Farms, Inc. (the “Company”) entered into a letter agreement dated February 16, 2012, substituting new Sale Transaction Benchmarks under the Debtor in Possession Credit and Security Agreement signed October 24, 2011 and amended by the First Amendment to Debtor in Possession Credit and Security Agreement on November 23, 2011, and by previous letter agreements dated December 22, 2011 and January 26, 2012 (the “Agreement”) with AgSouth Farm Credit, ACA, an agricultural credit association (the “Lender”).
The original Debtor in Possession Credit and Security Agreement defined the requirements for an acceptable reorganization plan. The First Amendment to Debtor in Possession Credit and Security Agreement also required the Company to initiate a process to sell a significant portion or substantially all of the Company’s assets in 90 days and to meet certain progress benchmarks in connection with such sale. The December 22, 2011 letter agreement extended the benchmarks.
This letter agreement dated February 16, 2012, extends until March 2, 2012, the deadline for executing a Sale Transaction Agreement covering substantially all, or a significant portion of, the Company’s assets. The deadline for filing a motion in bankruptcy court to approve the Sale Transaction is extended until March 5, 2012.
No other changes to the Agreement materially modify the description in the Company’s previous 8-K filings.
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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.
Cagle’s, Inc. | |
(Registrant) | |
| |
Date: February 29, 2012 | |
| |
By: | /s/ Harry C. Woodring | |
| Harry C. Woodring | |
| Chief Financial Officer | |
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