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
May 5, 2003
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Date of Report (Date of
earliest event reported)
TEMTEX INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-5940 75-1321869
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(State or other Commission File (IRS Employer
jurisdiction of incorporation Number Identification Number)
or organization)
1190 W. Oleander Avenue, Perris, California 92571
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(Address of Principal Executive Offices) (Zip Code)
(909) 657-7311
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(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report.)
Item 5. Other Events.
On May 2, 2003, Temtex Industries, Inc. (the "Company") and
Temco Fireplace Products, Inc., one of its wholly owned
subsidiaries (collectively, the "Debtors"), filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code (the "Bankruptcy Code") in the United States
Bankruptcy Court for the Central District of California (the
"Bankruptcy Court"). The cases are being jointly administered
under Bankruptcy Case No. RS 03-16833 MJ.
On May 5, 2003, the Bankruptcy Court approved a debtor-in-
possession (DIP) financing arrangement with Frost Capital Group
("Frost"). The Debtors and Frost agreed, and the Bankruptcy
Court approved, a financing arrangement whereby Frost will
convert their $4,000,000 pre-petition accounts receivable lending
facility into a post-petition debtor-in possession lending
facility on substantially similar terms and conditions. In
addition, Frost has agreed to immediately advance $379,000 to
the Debtors to supplement the Debtors' current operating cash
levels during the initial stages of the reorganization process.
Repayment of this advance by the Debtor will commence on or about
September 2, 2003 and is to be repaid in full on or about October
31, 2003.
In addition, the Bankruptcy Court approved the Debtors'
other first day motions seeking permission to, among other
things:
1. Administer the Debtors' related Chapter 11 cases
jointly;
2. Continue the use of the Debtors' consolidated cash
management system;
3. Reject the Debtors' real property lease in
Nashville, Tennessee;
4. Pay certain pre-petition wages, retain existing
payroll accounts for a limited time period, and honor
pre-petition employee benefits;
5. Maintain certain pre-petition business policies
and customer programs;
6. Pay certain shipping, reclamation, and tax claims; and
7. Implement certain procedures with respect to
reclamation claims asserted against the Debtors.
SIGNATURES
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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.
TEMTEX INDUSTRIES, INC.
Dated: May 9, 2003 By: /s/ RICHARD N. ANDERSON
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Richard N. Anderson
President & Chief Executive
Officer