Item 1.01 Entry into a Material Definitive Agreement.
On November 21, 2008, Proliance International, Inc. (the "Company") entered into
the Twelfth Amendment (the "Twelfth Amendment") of the Credit and Guaranty
Agreement (as amended prior to November 21, 2008, the "Agreement") by and among
the Company and certain domestic subsidiaries of the Company, as guarantors, the
lenders party thereto from time to time (collectively, the "Lenders"), Silver
Point Finance, LLC ("Silver Point"), as administrative agent for the Lenders,
collateral agent and as lead arranger, and Wells Fargo Foothill, LLC ("Wells
Fargo"), as a lender and borrowing base agent for the Lenders.
Pursuant to the Twelfth Amendment, and upon the terms and subject to the
conditions thereof, the reduction of the Southaven Insurance Proceeds Reserve
from $5,000,000 to $2,500,000, contained in Section 2.23 of the Agreement, has
been extended from November 21, 2008 to December 5, 2008 and the deadline of
November 30, 2008 has been extended to December 5, 2008.
The foregoing description of the Twelfth Amendment does not purport to be
complete and is qualified in its entirety by reference to the Twelfth Amendment,
a copy of which is filed as Exhibit 10.1 hereto, and incorporated herein by
reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
Item 1.01 of this Current Report on Form 8-K is hereby incorporated by
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is attached to this Current Report on Form 8-K:
10.1 Twelfth Amendment to Credit Agreement dated November 21, 2008.
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