SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 14, 1999
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Darling International Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-24620 36-2495346
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(State or Other (Commission File (IRS Employer
Jurisdiction of Number) Identification No.)
Incorporation)
251 O'Connor Ridge Blvd., Suite 300 Irving, Texas 75038
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (972) 717-0300
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
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Darling International Inc. (the "Company") and its bank lending group are
continuing discussions to amend certain terms and conditions of the Credit
Agreement dated as of June 5, 1997 (as amended from time to time) among the
Company, Comerica Bank, Credit Lyonnais New York Branch and Wells Fargo Bank
(Texas), National Association, and BankBoston, N.A., (the "Credit Agreement") in
light of reduced commodity prices which have adversely affected the Company's
sales and earnings in 1998. The banks party to the Credit Agreement previously
agreed to forbear their rights through December 14, 1998 by reason of the
Company's failure to meet certain financial covenants.
In order to finalize an amendment to the Credit Agreement the banks have
agreed to extend the forbearance period to January 22, 1999 pursuant to an
amendment to the forbearance agreement dated December 14, 1998 between the
Company and the banks, which amendment was executed by the parties on January
14, 1999 (the "Amendment"). The banks will continue to provide funding to the
Company pursuant to the Credit Agreement. There is no guaranty that the
negotiations to amend the Credit Agreement will be successful.
A copy of the Amendment has been filed with this report as Exhibit 99.1 and
is incorporated herein by reference.
Item 7. Exhibits
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99.1 Amendment, dated January 14, 1999, to the Forbearance Agreement, dated
as of December 14, 1998, among Darling International Inc., the banks or
other lending institutions signatory thereto (the "Banks"), Comerica
Bank, Credit Lyonnaise New York Branch and Wells Fargo Bank (Texas),
National Association, each individually as a Bank and as a co-agent,
and BankBoston, N.A., individually as a Bank and as agent for itself
and the other Banks.
99.2 Press Release dated January 15, 1999
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
DARLING INTERNATIONAL INC.
Date: January 22, 1999 By: /s/Dennis B. Longmire
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Name: Dennis B. Longmire
Title: Chief Executive Officer
By: /s/John O. Muse
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Name: John O. Muse
Title: Chief Financial Officer
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EXHIBITS INDEX
Exhibit
Number Description
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99.1 Amendment, dated January 14, 1999, to the Forbearance Agreement, dated
as of December 14, 1998, among Darling International Inc., the banks or
other lending institutions signatory thereto (the "Banks"), Comerica
Bank, Credit Lyonnaise New York Branch and Wells Fargo Bank (Texas),
National Association, each individually as a Bank and as a co-agent,
and Bank Boston, N.A., individually as a Bank and as agent for itself
and the other Banks.
99.2 Press Release dated January 15, 1999
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