U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 12, 2000
ANDEAN DEVELOPMENT CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 33-90696 65-0648697
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State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1224 Washington Avenue, Miami Beach, Florida 33154
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (305) 531-1174
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Item 2. Acquisition or Disposition of Assets.
On December 12, 2000, Consonni USA, Inc., a 61% owned
subsidiary of the Registrant sold approximately 78% of its capital stock
in Construcciones Electromecanicas Consonni, S.A. ("Consonni") to
minority shareholders of Consonni. The purchase price was two hundred
and nine million pesetas (209,000,000 Ptas.) or approximately one
million, one hundred and fifteen thousand U.S. dollars (U.S.
$1,115,000). As a consequence of this transaction, the minority
shareholders of Consonni hold an 81% equity interest in Consonni and
Consonni USA, Inc. will retain a 19% equity interest in Consonni.
The initial payment of fifty million pesetas (50,000,000 Ptas.)
or approximately two hundred and sixty six thousand, seven hundred
dollars (U.S. $266,700.) has been received by Consonni USA, Inc. The
balance is to be paid to Consonni, U.S.A., Inc. over five years as
follows: ten payments semiannually commencing on June 20, 2001, the
first payment in the amount of fifteen million pesetas (15,000,000.
Ptas.) or approximately eighty thousand U.S. dollars (U.S. $80,000) and
the remaining nine payments to be in the amount of sixteen million
pesetas (16,000,000 Ptas.) or approximately eighty five thousand U.S.
dollars (U.S. $85,000). Payments will be made in cash, against a
promissory note or other negotiable instrument, provided that such notes
or negotiable instruments shall mature and be payable with interest on
the next corresponding payment date.
The Company recognized a loss of approximately $1,451,000 on
the sale of its interest in Consonni and income from discontinued
operations of approximately $501,000. In addition, as a result of the
sale, the remaining goodwill of $1,256,932, connected with the original
acquisition of Consonni, was considered impaired. and written off.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Exhibits.
Exhibit No. Description
2.1 Buy/Sell of Shares, Concession of Rights, Commitments
To Social Modifications and Changes in Debt Balances
between C.E. Consonni & Ecesa.*
*Previously filed.
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.
ANDEAN DEVELOPMENT CORPORATION
Date: August 12, 2003 By: /s/ Pedro P. Errazuriz
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Pedro P. Errazuriz, Past CEO