UNITED STATES
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) July 6, 2006
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DEL GLOBAL TECHNOLOGIES CORP.
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(Exact name of registrant as specified in charter)
New York 0-3319 13-1784308
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One Commerce Park, Valhalla, NY 10595
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (914) 686-3650
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(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 (See General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| 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 July 6, 2006, the registrant entered into an amendment ("Amendment
No. 2") to that certain loan and security agreement by and among the registrant,
RFI Corporation, Del Medical Imaging Corp. (the "Borrowers") and North Fork
Business Capital Corporation (the "Lender") dated as of August 1, 2005 (the
"Loan and Security Agreement"). A copy of Amendment No. 2 to the Loan and
Security Agreement is attached hereto as EXHIBIT 99.01 and incorporated herein
by reference. The following summary of Amendment No. 2 to the Loan and Security
Agreement does not purport to be complete and is subject to and qualified in its
entirety by reference to the actual text of such agreement. The terms of the
Loan and Security Agreement were amended to provide that (i) no payments shall
be made by the Borrowers to the Sinking Fund Reserve (as defined in the Loan and
Security Agreement) for the period from June 1, 2006 through September 30, 2006
and (ii) it shall be an Event of Default (as defined in the Loan and Security
Agreement) if the Borrowers fail to receive, by October 31, 2006, a dividend in
the amount of $1,500,000, from its subsidiary, Villa Sistemi (the "Villa Sistemi
Dividend"), which Villa Sistemi Dividend shall constitute Collections (as
defined in the Loan and Security Agreement) and shall be deposited into the
Blocked Account (as defined in the Loan and Security Agreement).
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Businesses Acquired.
Not Applicable
(b) Pro Forma Financial Information.
Not Applicable
(c) Shell Company Transactions.
Not Applicable
(d) Exhibits.
99.01 Amendment No. 2 dated as of June 30, 2006 to the Loan and
Security Agreement by and among the registrant, RFI
Corporation, Del Medical Imaging Corp. and North Fork
Business Capital Corporation, dated as of August 1, 2005.
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.
DEL GLOBAL TECHNOLOGIES CORP.
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(Registrant)
Date: July 6, 2006
By: /s/ Mark A. Koch
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Mark A. Koch
Principal Accounting Officer and
Treasurer
EXHIBIT INDEX
Exhibit No. Description
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99.01 Amendment No. 2 dated as of June 30, 2006 to the Loan and
Security Agreement by and among the registrant, RFI
Corporation, Del Medical Imaging Corp. and North Fork
Business Capital Corporation, dated as of August 1, 2005.
