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 and Exchange Act of 1934
Date of Report (Date of earliest event reported) June 2, 1995
SAZTEC INTERNATIONAL, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 0-15353 33-0178457
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission File (IRS Employer
incorporation) Number) Identification No.)
43 Manning Road, Billerica, Massachusetts 01821
- --------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code (508) 262-9800
6700 Corporate Drive, Kansas City, Missouri 64120
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
Saztec International, Inc.'s (the "Company") revolving credit facility was
scheduled to mature on May 22, 1995. By oral statements, confirmed by written
amendment dated June 2, 1995, the lender extended the maturity of the revolving
credit facility to June 15, 1995. An amendment to the revolving credit facility
dated March 22, 1995, set forth various conditions to the loan, including the
conditions that the Company maintain a certain minimum consolidated net worth
and a maximum ratio of consolidated total indebtedness to consolidated net
worth. Since March 31, 1995, the Company has not been in compliance with either
of these financial covenants, but the lender has continued to make advances to
the Company under the revolving credit facility. In the June 2, 1995,
amendment, the lender waived compliance with these financial covenants until
June 15, 1995.
The lender has expressed some willingness to extend further the revolving
credit facility, but the lender is under no obligation to do so.
The liquidity of the Company is severely threatened by the scheduled
maturity of the revolving credit facility unless the Company is able to (i)
negotiate a meaningful extension of that facility, (ii) replace that facility
with a comparable or better credit facility, (iii) obtain additional capital.
The Company is exploring, and will continue to explore, opportunities to
alleviate the liquidity pressures, including replacement of the revolving credit
facility and additional private placements of securities. There can be no
assurances that the Company will be successful in these or related efforts. The
failure of the Company to solve its short-term liquidity pressures could
directly affect the ability of the Company to operate as a going concern.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(A) N/A
(B) N/A
(C) Material to be Filed as Exhibits:
Regulations S-K
Item 601 Description of Exhibit Page
-------- ---------------------- ----
10.1 March 22, 1995, Amendment to
Revolving Credit Facility. ___
10.2 June 2, 1995, Amendment to
Revolving Credit Facility. ___
10.3 Master Revolving Note
dated May 22, 1995 ___
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 hereunto duly authorized.
DATE: June 7, 1995
SAZTEC INTERNATIONAL, INC.
By: /s/ Donald J. Campbell
Name: Donald J. Campbell
Title: Vice President and Chief Financial Officer