On September 30, 2009, Point Blank Solutions, Inc. (the “Company”) issued a press release announcing that its wholly owned subsidiary, Point Blank Body Armor, Inc., has been awarded a $38.5 million contract from the U.S. Army Research, Development and Engineering Command Contracting Center (Solicitation #: W91CRB-09-C-0124)
to produce New, Generation II Improved Outer Tactical Vests. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
On October 1, 2009, Protective Apparel Corporation of America, PBBA and Life Wear Technologies, Inc. (collectively, the “Borrowers”), each a subsidiary of the Company, and the Company entered into a Fifteenth Amendment to that certain Amended and Restated Loan and Security Agreement, dated as of April 3, 2007 (the “Loan
Agreement”), by and among the Borrowers, as borrowers, the Company, as guarantor, and Bank of America, N.A. (as successor by merger to LaSalle Business Credit, LLC) (“Bank of America”), as administrative agent and collateral agent for itself and all other lenders party to the Loan Agreement. Pursuant to the Loan Agreement, as amended, Bank of America will not test the Borrowers’ compliance with their minimum EBITDA and minimum net worth covenant requirements for the period ended
August 31, 2009, and the Borrowers will not have the right to access the revolving credit line provided under the Loan Agreement through the close of business on November 15, 2009. Additionally, the maturity date of the term loan provided under the Loan Agreement has been extended to October 30, 2009.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. |
Description |
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99.1 |
Press Release dated September 30, 2009. |
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.
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POINT BLANK SOLUTIONS, INC. |
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Dated: October 1, 2009 |
By: |
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Name: |
Michelle Doery |
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Title: |
Chief Financial Officer |