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UNITED STATES
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 reported) August 2, 2002
Nutritional Sourcing Corporation
(Exact name of registrant as specified in its charter)
Delaware 33-63372 65-0415593
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) identification No.)
1300 N.W. 22nd Street
Pompano Beach, Florida 33069
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code
(954) 977-2500
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Registrant's former name
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Pueblo Xtra International, Inc.
ITEMS OF INFORMATION
Item 5. Name change and non-payment of interest
Effective July 22, 2002 the registrant changed its name to Nutritional
Sourcing Corporation.
On August 1, 2002 the Board of Directors determined that it would not pay the
interest due on August 2, 2002 on the Company's 9.50% Senior Notes and its
9.50% Senior Notes Series C, both due August 1, 2003. This action is due to
actions taken by the Company's subsidiaries which are described in the
attached press release, which release is incorporated herein by reference
thereto.
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SIGNATURE
Pursuant to the requirement 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.
Nutritional Sourcing Corporation
Dated: August 2, 2002 /s/ Daniel J. O'Leary
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Daniel J. O'Leary,
Executive Vice President
and Chief Financial Officer
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Exhibit 1
Contacts:
In Puerto Rico: Melissa Lammers
787 752 0440
In the U.S.: Joel Weiden/Doug Morris
212-515-1970/1964
PUEBLO INTERNATIONAL, LLC
Solidifies cash position
SAN JUAN, PUERTO RICO - August 2, 2002 -. Pueblo International, LLC and
related companies today announced they will not pay $8.4 million of interest
due their parent corporation, Nutritional Sourcing Corporation (hereinafter
"NSC") formerly Pueblo Xtra International, Inc. Pueblo's lender banks have
consented to this action.
Pueblo International, LLC, Xtra Super Food Centers, Inc., and Pueblo
Entertainment, Inc. (collectively, "Pueblo"), are the companies which operate
the Pueblo supermarkets and video stores in Puerto Rico and the U.S. Virgin
Islands and maintain its vendor relationships. Those operations and vendor
relationships will not be affected by today's action.
Pueblo is informing its vendors that this event will not adversely affect
Pueblo's operations or Pueblo's relationships with them or customers in any
way and that its liquidity position remains strong. In addition to normal
cash from operations, as of July 31, Pueblo had insurance settlement proceeds
of $10.5 million.
William T. Keon, III, President and CEO of Pueblo said, "We have made steady
progress in stabilizing and restoring the strength to Pueblo's businesses
since experiencing the devastating damage Hurricane Georges inflicted on our
stores and distribution center. We have repaired and refurbished our stores
and they are showing robust improvement. The repairs and improvements to the
distribution center have also been completed. In addition, the introduction
of the PuebloCard has been extremely successful."
NSC, Pueblo's parent corporation, has a total of $177.3 million in notes
outstanding which are due a year from now in August of 2003. The notes bear
a 9.5% interest rate and the interest is payable semiannually. The action
taken today by Pueblo means NSC is unlikely to be in a position to pay the
$8.4 million semi-annual interest payment on its notes which is due today.
The consent of Pueblo's lenders demonstrates their willingness to work with
Pueblo and it enables NSC to move on to the next step of commencing
discussions with its noteholders.
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