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VHGI > SEC Filings for VHGI > Form 8-K on 30-Sep-2013All Recent SEC Filings

Show all filings for VHGI HOLDINGS, INC.



Bankruptcy or Receivership, Triggering Events That Accelerate or Increase a D

Item 1.03 Bankruptcy or Receivership.

On September 23, 2013, due to the failure of Hassan Alshaban Principal and Al Rami PureAl Rami Pure LLC to perform under the terms of the agreed upon renegotiated terms of the Equity Investment Agreement as described in Item 8.01 of this report, Lily Group Inc., a wholly-owned subsidiary of VHGI Holdings, Inc., filed a voluntarily petition for reorganization under Chapter 11 of the United States Bankruptcy Code in Bankruptcy Court for the Southern District of Indiana, case number: 13-81073-FJO-11. Lily Group, Inc. remains in possession of its assets and continues to operate its business as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

As a result of the filing of the Chapter 11 petition described in Item 1.03 of this report, an event of default has occurred pursuant to the terms of the $13,000,000 Note Purchase Agreement between Lily Group Inc. and Platinum Partners Credit Opportunities Master Fund LP. VHGI Holdings, Inc. is also in default of all outstanding notes and obligations identified in the company's 10k filed June 26, 2013.

Item 8.01 Other Events.

On September 12, 2013 Lily Group, Inc., a wholly-owned subsidiary of VHGI Holdings, Inc., notified Al Rami Pure LLC that it was terminating the Equity Investment Agreement between the parties as a result of the failure of Hassan Alshaban Principal of Al Rami Pure and Al Rami Pure LLC to perform under the terms of the agreement. Lily Group Inc. is attempting to close the final issue of the failed transaction by successfully retrieving the deposited funds placed on deposit within the UAE banks associated with this transaction.

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