SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
March 15, 2002
_______________
IFCO SYSTEMS N.V.
(Translation of registrant's name into English)
RIVIERSTAETE, AMSTELDIJK 166
1079 LH AMSTERDAM, THE NETHERLANDS
(Address of principal executive offices)
______________
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):__________________ N/A.
PRESS RELEASE AND AD HOC DISCLOSURE
The press release dated March 15, 2002, by the registrant in the United
States and the ad hoc disclosure dated March 15, 2002, and filed by the
registrant with the Frankfurt Stock Exchange on March 15, 2002, regarding the
registrant's non-payment of an interest payment of Euro 10.625 million on its
10 5/8% Senior Subordinated Notes due 2010, is attached to this report as
Appendix A.
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, thereunto duly authorized.
IFCO SYSTEMS N.V.
(Registrant)
Date: March 15, 2002 By: /s/ Michael W. Nimtsch
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Michael W. Nimtsch
Senior Executive Vice President and
Chief Financial Officer
APPENDIX A
IFCO SYSTEMS N.V. MAKES ANNOUNCEMENT CONCERNING INTEREST PAYMENTS ON 10 5/8%
SENIOR SUBORDINATED NOTES
AMSTERDAM, THE NETHERLANDS - March 15, 2002 - IFCO Systems N.V. (the "Company"
or "IFCO") (Nasdaq: IFCO, Frankfurt Stock Exchange: IFE) announced today that it
will not make an interest payment of Euro 10.625 million on its 10 5/8% Senior
Subordinated Notes due 2010. This interest payment is due on March 15, 2002.
IFCO has taken this step in light of the commencement of discussions with its
bondholders concerning a consensual reorganization of the Company's balance
sheet to reduce its debt and interest burdens.
Under the indenture governing the notes, IFCO has 30 calendar days to make the
interest payment before an "event of default" under the indenture will have
occurred. IFCO has previously announced that it has retained ING Barings Limited
as its exclusive financial advisor concerning the Euro 200 million, 10 5/8%
Senior Subordinated Notes due 2010. Together with ING Barings Limited, its
financial advisor, the Company intends to explore with its bondholders various
options to reduce its total debt burden as well as its interest payment
obligations. IFCO intends to operate its business and satisfy its obligations
consistent with its normal business practices.
Some of the information contained in this news release contains forward-looking
statements. Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and involve risks and uncertainties, and
that actual results may differ materially from those in the forward-looking
statements as a result of various factors. For a more detailed description of
these risks and factors, please see the Company's filings with the Securities
and Exchange Commission, including its Annual Report on Form 20-F filed with the
Commission on July 3, 2001, its Current Report on Form 6-K filed with the
Commission on July 16, 2001, its Current Report on Form 6-K filed with the
Commission on September 5, 2001, its Current Report on Form 6-K filed with the
Commission on October 25, 2001, its Current Report on Form 6-K filed with the
Commission on December 3, 2001, its Current Report on Form 6-K filed with the
Commission on December 10, 2001, and its Current Report on Form 6-K filed with
the Commission on February 27, 2002. The Company undertakes no obligation to
publicly update or revise any forward-looking statements.