ITEM 7.01. REGULATION FD DISCLOSURE.
On December 19, 2008, Unifi, Inc. (the "Registrant") issued the press release
attached hereto as Exhibit 99.1. All of the information in the press release is
presented as of December 19, 2008, and the Registrant does not assume any
obligation to update such information in the future.
The information included in the preceding paragraph, as well as the exhibit
referenced therein, shall not be deemed "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended.
ITEM 8.01. OTHER EVENTS.
On December 19, 2008, the Registrant announced that it has closed on the sale
of certain real property and related assets located in Yadkinville, N.C., for
$7.0 million. The sale will result in net proceeds of $6.6 million to the
Registrant and a net pre-tax gain of $5.2 million for the current quarter.
Furthermore, the Registrant announced that $8.8 million of net cash proceeds
from asset sales of collateral has become "Excess Collateral Proceeds" under the
terms of the Registrant's Indenture for its $190 million 11.5% Senior Secured
Notes ("Bonds"). While there is no requirement in the Indenture to use Excess
Collateral Proceeds to offer to repurchase the Bonds (at par) prior to the time
the amount of Excess Collateral Proceeds reaches $10.0 million, the Registrant
may elect, from time to time, to make such offers earlier, at its discretion.
Additionally, the Registrant may also from time to time seek to retire or
purchase a portion of the Bonds in open market purchases, in privately
negotiated transactions or otherwise. Such retirement or purchases of the Bonds
may come from the operating cash flows of the business or other sources and will
depend upon prevailing market conditions, liquidity requirements, contractual
restrictions and other factors, and the amounts involved may be material.
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