Color Tile Inc – ‘8-K’ for 1/24/96

As of:  Thursday, 2/8/96   ·   For:  1/24/96   ·   Accession #:  276780-96-5   ·   File #:  2-62443

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Form 8-K Current Report                                2     10K 

Document Table of Contents

8-K
1st Page of 2
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 
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                                                 January 24, 1996 
(Date of earliest event reported)                                               

COLOR TILE, INC.
(exact name of registrant as specified in its charter)

DELAWARE
(State or other jurisdiction of incorporation)

     0-8777                                                         75-1606185
(Commission File Number)                                          (IRS Employer 
                                                          Identification Number)

515 Houston Street, Fort Worth, Texas                                     76102 
(Address of principal executive offices)                              (Zip Code)

                                                      (817) 870-9400
(Registrant's telephone number, including area code)

8-K
Last Page of 2
TOC
1st
Previous
Next
↓Bottom
Just 2nd
ITEM 3.  BANKRUPTCY OR RECEIVERSHIP                                             

(1) On January 24, 1996,  Color Tile,  Inc.,  ("Color Tile") and certain        
affiliated  entities, filed a  voluntary  petition  to  reorganize  under       
Chapter  11 of the  Federal Bankruptcy  Code.  The  filing  was made in the     
U.S.  Bankruptcy  Court  for the District of  Delaware.  The matters  were      
assigned  to Chief  Bankruptcy  Judge Balick, Case Numbers 96-76 (HSB)          
through 96-80 (HSB).                                                            

(2) Color Tile entered into a $15 million  debtor-in-possession  (DIP) financing
agreement  with its existing  bank  syndicate led by Chemical  Bank,  subject to
Bankruptcy Court approval. On January 24, 1996, the Bankruptcy Court approved $5
million of the DIP facility on an  emergency  basis.  On January 31,  1996,  the
Bankruptcy  Court approved an additional $4 million of the facility (for a total
of $9 million).  A final hearing at which Color Tile will seek  authorization to
borrow the balance of the funds under the DIP  facility is  scheduled to be held
on February 13, 1996.  In connection  with the DIP  facility,  Bank of Tokyo has
committed to release goods to Color Tile in connection with approximately       
$6.4 million of documentary  letters of credit outstanding on the petition date.
These funds  (together with all proceeds from its current  inventory)  will be  
available  to,  among other  things,  meet the Company's   continuing           
obligations   to  suppliers  and  vendors   during  the restructuring  process. 
In addition,  the Bankruptcy Court approved orders that will  enable  Color     
Tile to  continue  paying  salary and  benefits  to all its employees throughout
the country.                                                                    

(3) In the filing,  Color Tile listed  total  assets of  $381,418,832  and total
liabilities of $526,690,313.  American Blind and Wallpaper Factory, Inc. (ABWF),
the Company's Plymouth,  Michigan-based,  wholly owned subsidiary engaged in the
sale of name-brand and  private-label  window treatments and wall coverings on a
special-order basis, is not involved in or affected by the Chapter 11 filing.   

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 of the
undersigned thereunto duly authorized.                                          

                                                                Color Tile, Inc.

Date:  February 8, 1996                              By: /s/ Bart A. Brown, Jr. 
                                                        ----------------------
                                            Bart A. Brown, Jr.
                                               Chairman of the Board
                                                     and Chief Executive Officer

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		2/13/96		2					None on these Dates
Filed on:		2/8/96		2
		1/31/96		2
For Period End:		1/24/96		1		2
									List all Filings