UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): October 8,
2010
Capital
Growth Systems, Inc.
(Exact Name of Registrant as Specified in Its Charter)
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Florida
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0-30831
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65-0953505
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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200 S.
Wacker, Suite 1650, Chicago, Illinois 60606
(Address of Principal Executive Offices, Including Zip Code)
(312)
673-2400
(Registrant’s Telephone Number, Including Area Code)
Not
Applicable
(Former Name or Former Address, if Changed Since Last Report)
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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01.
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Other
Events.
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Capital
Growth Systems, Inc. (CGSYQ.OB) (the “Company”), together with its wholly owned
subsidiaries Global Capacity Direct, LLC, Global Capacity Group, Inc.,
CentrePath, Inc., FNS 2007, Inc., 20/20 Technologies, Inc., 20/20 Technologies
I, LLC, Global Capacity Holdco, LLC, Nexvu Technologies, LLC, Capital Growth
Acquisition, Inc. (each a “Debtor” and collectively with the Company, the
“Debtors”) are presently subject to Bankruptcy Court proceedings in the U.S.
Bankruptcy Court, District of Delaware. The Debtors have entered into
debtor in possession financing with a Tranche A Lender that has funded
$3,000,000 of secured financing and with a consortium of Tranche B Lenders
(comprised of prior secured lenders to the Debtors) who have advanced $6,250,000
in the aggregate to the Debtors. In addition, an affiliate of the
Tranche B Lenders, Global Acquisition Newco Corp. (“GAC”) was formed for
purposes of making a stalking horse bid to purchase the Debtors’
assets. The Debtors recently advised GAC that the exclusive period
for making a stalking horse bid had lapsed and that the Company would be
revising its bidding procedures to seek bids from prospective buyers without a
stalking horse bidder.
Certain
representatives of both the Tranche B Lenders GAC subsequently requested that
the Debtors extend the dates for the critical steps toward the sale of the
Debtors’ assets. In response to that request, the Debtors
have agreed to modify the Bidding Procedures to extend the dates for the
following events associated with the upcoming auction of the Debtors’
assets:
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Date
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Event
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October
18, 2010
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Outside
date for submission of bids to become qualified
bidders.
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October
21, 2010
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Auction
for assets at Shefsky & Froelich Ltd. in
Chicago.
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October
28, 2010
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Hearing
for approval of Auction bidders at Bankruptcy Court.
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November
2, 2010
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Confirmation
hearing at Bankruptcy Court.
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Prospective bidders for the Company’s
assets are hereby advised of the changes in dates from those previously set in
the Bidding Procedures.
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SIGNATURES
Pursuant
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.
Dated:
October 8, 2010
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CAPITAL
GROWTH SYSTEMS, INC.
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By:
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/s/
Patrick C. Shutt
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Patrick
C. Shutt
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CEO
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