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UNITED STATES
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
Date of Report (Date of earliest event reported) March 18, 2002
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Standard Automotive Corporation
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(Exact Name of Registrant as Specified in Charter)
Delaware 001-13657 52-2018607
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
280 Park Avenue, 21st Floor West, New York, NY 10017
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 286-1300
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(Former Name or Former Address, if Changed Since Last Report)
Item 3. Bankruptcy or Receivership
On March 18, 2002, PNC Bank, National Association ("PNC"), as the
administrative agent for a number of lenders that have loaned money to Standard
Automotive Corporation (the "Company"), commenced an action entitled PNC Bank,
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National Association, et al. v. Standard Automotive Corporation, et al. (docket
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number not assigned) in the Superior Court of New Jersey, Chancery Division,
Middlesex County (the "State Court"). On March 19, 2002, in response to PNC's
request, the State Court appointed Getzler & Company ("Getzler") as a fiscal
agent for the Company and its subsidiaries. Getzler's appointment took effect
immediately.
Later on March 19, 2002, the Company announced that it and four of its
subsidiaries had filed voluntary petitions for reorganization under Chapter 11
of the United States Bankruptcy Code (the "Bankruptcy Code") in the United
States Bankruptcy Court for the Southern District of New York (the "Bankruptcy
Court") (Case Nos. 02-11257-cb, 02-11259-cb, 02-11261-cb, 02-11263-cb and
02-11265-cb). In addition to the Company, the filing entities include Ajax
Manufacturing Company, CPS Enterprises, Inc., Barclay Investments, Inc., and
Critical Components Corporation (such filing entities, collectively, the
"Debtors"). The Debtors will continue to manage their properties and operate
their businesses as debtors-in-possession under the jurisdiction of the
Bankruptcy Court and in accordance with the applicable provisions of the
Bankruptcy Code. The automatic stay under Sec.362 of the Bankruptcy Code, in
conjunction with Sec.543 of the Bankruptcy Code, effectively stays the
enforcement of the State Court's ruling appointing Getzler as fiscal agent for
the Debtors.
Item 5. Other Events
Also on March 19, 2002, the Company announced that it had received a
proposed commitment from Raymond International, W.L.L. ("Raymond"), to provide
up to $5 million in debtor-in-possession (DIP) financing. The Company hopes to
receive and to use this money for working capital purposes. The proposed DIP
financing is subject to, among other things, Bankruptcy Court approval.
The Company's press release regarding the Chapter 11 filings and the
proposed commitment for DIP financing is filed as Exhibit 99.1 to this report.
Item 7. Financial Statements and Exhibits.
99.1 Press Release, dated March 19, 2002.
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.
STANDARD AUTOMOTIVE CORPORATION
Date: March 22, 2002 /s/ MATTHEW B. BURRIS
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Matthew B. Burris
Chief Financial Officer