Attached files
file | filename |
---|---|
EX-10.1 - EIGHTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT - LYRIS, INC. | exhibit10-1.htm |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
OF THE SECURITIES EXCHANGE ACT OF 1934
(Exact name of registrant as specified in its charter)
Delaware | 333-82154 | 01-0579490 |
(State or other | (Commission File Number) | (I.R.S. Employer |
jurisdiction of incorporation) | Identification Number) | |
6401 Hollis St., Suite 125 | ||
Emeryville, CA | 94608 | |
(Address of principal | (Zip code) | |
executive offices) |
(Former name or former address if changed since last report)
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)) |
Item 1.01 Entry into a Material Definitive Agreement.
Amendment of Loan and Security Agreement
On November 28, 2011, Lyris, Inc. (the Company) and its wholly owned subsidiaries, Lyris Technologies, Inc. and Commodore Resources (Nevada), Inc. (each a Borrower and collectively, the Borrowers) entered into the Eighth Amendment to Amended and Restated Loan and Security Agreement (Amendment) with Comerica Bank (Bank). The Amendment revises the terms of the Amended and Restated Loan and Security Agreement (Agreement) between the Company and Bank, as amended, requiring the Company to maintain EBITDA not less than specified amounts. The new EBITDA minimum requirements, which are measured on a trailing three months basis, are as follows:
Measuring Period Ending | Minimum Trailing Three (3) Month | |
EBITDA | ||
10/31/11 | ($250,000 | ) |
11/30/11 | $300,000 | |
12/31/11 | ($350,000 | ) |
1/31/2012 and thereafter | $200,000 |
The foregoing is qualified by reference to the Amendment, a copy of which is included as Exhibit 10.1 to this report and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.1 | Eighth Amendment to Amended and Restated Loan and Security Agreement, entered into as of November 28, 2011, by and among Comerica Bank, Lyris, Inc., Lyris Technologies, Inc and Commodore Resources (Nevada), Inc. |
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.
Lyris, Inc. | |||
By: | /s/ Wolfgang Maasberg | ||
Name: | Wolfgang Maasberg | ||
Title: | Chief Executive Officer |
Date: December 1, 2011