Summary of BASSETT FURNITURE INDUSTRIES INC

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BSET > SEC Filings for BSET > Form 8-K on 18-Feb-2009

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Form 8-K for BASSETT FURNITURE INDUSTRIES INC

18-Feb-2009

Entry into a Material Definitive Agreement, Financial Statements

Item 1.01. Entry into a Material Definitive Agreement

On February 11, 2009, Bassett Furniture Industries, Inc. received a waiver from its bank for the Company's net worth covenant violation which occurred at the end of the fourth quarter of fiscal 2008. Additionally, it received a reduction of its net worth covenant requirements for fiscal 2009 and 2010. The other terms of the facility, including the interest rate, were unchanged.

Item 9.01. Financial Statements and Exhibits

Exhibit 99 Waiver of covenant letter from Branch Banking & Trust Company to Bassett Furniture Industries, Inc. dated February 11, 2009.

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