UNITED STATES
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
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Date of Report
(Date of earliest
event reported): March 23, 2001
Northland Cranberries, Inc.
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(Exact name of registrant as specified in its charter)
Wisconsin 0-16130 39-1583759
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
800 First Avenue South, P.O. Box 8020
Wisconsin Rapids, Wisconsin 54495-8020
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(Address of principal executive offices including zip code)
(715) 424-4444
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(Registrant's telephone number)
Item 5. Other Events.
On March 23, 2001, we entered into an Amendment to Forbearance
Agreement (the "Amendment") with Firstar Bank, N.A. and various financial
institutions comprising our group of secured lenders, amending the Forbearance
Agreement, dated as of December 13, 2000 (the "Agreement"). Pursuant to the
Agreement, the bank group agreed not to exercise various remedies available to
it as a result of our defaults under certain covenants and payment requirements
of our secured debt arrangements until February 12, 2001 (the "Forbearance
Period"), so long as we remained in compliance with the terms and conditions of
the Agreement. The Amendment extends the Forbearance Period through April 30,
2001. Pursuant to the Amendment, we agreed to take certain actions including,
among others, (i) paying interest on a weekly basis at a rate of 5% per annum on
the principal amount outstanding under our revolving credit facility (although
interest on outstanding principal continues to accrue at the higher default
rate); (ii) delivering to the bank group certain additional security agreements
securing our unencumbered assets; (iii) making a principal payment on April 10,
2001; (iv) continuing our process of exploring strategic alternatives; (v)
retaining on behalf of the bank group an independent financial advisor to assess
our operations; and (vi) complying with certain financial covenants set forth in
the Amendment. The Amendment is filed as an exhibit to this Current Report on
Form 8-K and is incorporated by reference herein.
Additionally, on March 29, 2001, we issued a press release regarding
the Amendment. The press release is filed as an exhibit to this Current Report
on Form 8-K and is incorporated by reference herein.
Item 7 Financial Statements and Exhibits.
(c) We have filed the exhibits listed in the accompanying Exhibit Index as part
of this Current Report on Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to the report to be signed on its
behalf by the undersigned hereunto duly authorized.
NORTHLAND CRANBERRIES, INC.
Date: March 29, 2001 By: /s/ John Swendrowski
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John Swendrowski
Chairman and Chief Executive
Officer
NORTHLAND CRANBERRIES, INC.
EXHIBIT INDEX TO FORM 8-K
Report Dated March 23, 2001
Exhibit No. Description
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(4) Amendment to Forbearance Agreement, dated as of March
23, 2001, by and among the Company, NCI Foods, LLC, a
Wisconsin limited liability company, various financial
institutions and Firstar Bank, N. A., as Agent.
(99) Press Release, dated March 29, 2001