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<SEC-DOCUMENT>0000940397-09-000028.txt : 20090406
<SEC-HEADER>0000940397-09-000028.hdr.sgml : 20090406
<ACCEPTANCE-DATETIME>20090406163425
ACCESSION NUMBER:		0000940397-09-000028
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090331
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
FILED AS OF DATE:		20090406
DATE AS OF CHANGE:		20090406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYPRIS SOLUTIONS INC
		CENTRAL INDEX KEY:			0000864240
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				611321992
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24020
		FILM NUMBER:		09735264

	BUSINESS ADDRESS:	
		STREET 1:		101 BULLITT LN
		STREET 2:		STE 450
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40222
		BUSINESS PHONE:		5023292000

	MAIL ADDRESS:	
		STREET 1:		101 BULLITT LN
		STREET 2:		STE 450
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GROUP TECHNOLOGIES CORP
		DATE OF NAME CHANGE:	19940314
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>sypris8k4609.htm
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REPORT</font></div>
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to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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of Report (Date of earliest event reported):&#160;&#160;March 31,
2009</font></div>
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Solutions, Inc.</font></div>
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telephone number, including area code: (502) 329-2000</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</font></div>
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] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1 &#8211; Registrant&#8217;s Business and Operations</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.01.&#160;&#160;Entry into a Material Definitive Agreement.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
as of April 1, 2009, the Company amended its revolving credit facility (the
&#8220;Loan Agreement&#8221;) and outstanding senior notes (the &#8220;Note Agreements&#8221;) (the
&#8220;Agreements&#8221;).&#160;&#160;The Company, together with its domestic subsidiaries
(Sypris Technologies, Inc., Sypris Technologies Kenton, Inc., Sypris
Technologies Marion, LLC, Sypris Technologies Mexican Holdings, LLC, Sypris Test
&amp; Measurement, Inc., Sypris Data Systems, Inc. and Sypris Electronics, LLC)
(the &#8220;Subsidiary Guarantors&#8221;) and its current bank group (JPMorgan Chase Bank,
N.A., Bank of America, N.A. and National City Bank (collectively, the &#8220;Banks&#8221;))
signed the 2009A Amendment to Loan Agreement (the &#8220;Loan Amendment&#8221;) on March 31,
2009. In addition, the Company, each of the Subsidiary Guarantors and its
current noteholders (The Guardian Life Insurance Company of America, Connecticut
General Life Insurance Company, Life Insurance Company of North America, The
Lincoln National Life Insurance Company and Lincoln Life &amp; Annuity Company
of New York (collectively, the &#8220;Noteholders&#8221;)) signed the Fourth Amendment to
Note Purchase Agreement (the &#8220;Note Amendments&#8221;) on March 31, 2009 (the Loan
Amendment and the Note Amendments, collectively, the &#8220;Amendments&#8221;).</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Loan
Amendment extends the maturity date of the Loan Agreement from October, 2009
through January 15, 2010, while the Note Amendments implement the same maturity
date for the Note Agreements.&#160;&#160;Under the Amendments the Company has
committed to work closely with its Banks and Noteholders to continue to explore
various strategic alternatives, including financial incentives if the Company
were to refinance the Company&#8217;s debt before the maturity date.&#160;&#160;The
Amendments waive certain violations or potential violations of the Company&#8217;s
financial covenants as of December 31, 2008, among others, and substituted new
covenants regarding: quarterly minimum net worth levels, cumulative quarterly
&#8220;EBITDAR&#8221; levels and monthly minimum liquidity reserves, among
others.&#160;&#160;The Amendments also commit the Company to obtain the consent
of the Banks and the Noteholders before making any dividend payments and impose
certain fees and interest rate increases. To the extent that marketable
securities or other collateral is sold outside of the ordinary course of
business, the Amendments also provide for certain prepayments to the Banks and
the Noteholders.&#160;&#160;The Company expects to be able to comply with the
amended covenants. However, no assurances can be given that changing business,
regulatory or economic conditions might not cause the Company to violate one or
more covenants which could result in default or acceleration of any debt under
the Agreements.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3 &#8211; Securities and Trading Markets</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
3.03.&#160;&#160;Material Modification to Rights of Security
Holders.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company executed the Amendments on March 31, 2009, effective in each case as of
April 1, 2009.&#160;&#160;Among other things, the Amendments require the Company
to obtain the consent of the Banks and the Noteholders before making any
dividend payments to holders of the Company&#8217;s outstanding common stock par value
$.01.</font></div><br>
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</font></div>
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</font></div>
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</font></div>
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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.</font></div>
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            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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      R. McGeeney</font></td>
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              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">John
      R. McGeeney&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">General
      Counsel and Secretary&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center">3</div>
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