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 event reported): June 14, 2005
THE BISYS GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 001-31254 13-3532663
(State or other Jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
90 Park Avenue, New York, New York 10016
(Address of principal executive offices)
(212) 907-6000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following
provisions (see General Instruction A.2):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(917 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240-14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240-13e-4(c))
Item 8.01. Other Events.
On June 14, 2005, The BISYS Group, Inc. (the "Company") issued a press release
announcing that it has obtained a Consent and Waiver from its lenders under the
Credit Agreement dated as of March 31, 2004 (the "Credit Facility"), extending
to August 1, 2005 the cure period for the default under the Credit Facility
resulting from the Company's failure to timely file its Form 10-Q for the fiscal
quarter ended March 31, 2005, and its failure to deliver the related compliance
certificate for such fiscal quarter. The Company has previously announced that
it will not be able to file the Form 10-Q until the completion of an
investigation being conducted by the Company's Audit Committee. During the
extension period, the Company has agreed that it will not request additional
credit extensions under the Credit Facility (apart from renewals of outstanding
letters of credit). The Company believes that its operating cash flows and cash
on hand will be sufficient to support its near term working capital and other
cash requirements and that additional credit under the Credit Facility will not
be necessary through the extension date. The full text of the press release
issued by the Company is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibits:
99.1 Press release, dated June 14, 2005
SIGNATURE
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.
THE BISYS GROUP, INC.
By: /s/ Edward S. Forman
--------------------------
Edward S. Forman
Senior Vice President,
Acting General Counsel
and Secretary
Date: June 14, 2005
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