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EX-99.1 - EXHIBIT 99.1 - Green Brick Partners, Inc.v325074_ex99-1.htm


 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

 


 

FORM 8-K/A

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): September 28, 2012

 

BioFuel Energy Corp.

 (Exact Name of Registrant as Specified in Charter)

 

Delaware   001-33530   20-5952523
(State or Other Jurisdiction
of Incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

 

1600 Broadway, Suite 2200

Denver, CO  80202

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code: (303) 640-6500

 

 

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 (see General Instruction A.2. below):

 

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))

 

 
 

This Amended Current Report on Form 8-K has been filed to include the attachment of Exhibit 99.1, which is furnished herewith.

 

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

 

On September 28, 2012, BFE Operating Company, LLC, Buffalo Lake Energy, LLC and Pioneer Trail Energy, LLC, which are subsidiaries of BioFuel Energy Corp. (the “Company”) received a Notice of Default (the “Notice”), under the Credit Agreement dated as of September 25, 2006 (as amended, supplemented and modified from time to time, the "Credit Agreement"), among BFE Operating Company, LLC, Buffalo Lake Energy, LLC, and Pioneer Trail Energy, LLC (collectively, as "Borrowers"), BFE Operating Company, LLC as Borrowers’ Agent, the Lenders party thereto, First National Bank of Omaha, as Administrative Agent, and Deutsche Bank Trust Company Americas, as Collateral Agent.

 

The Borrowers failed to make the regularly-scheduled payments of principal and interest, in an aggregate amount of $3.6 million, that were due on the outstanding Term Loans under the Credit Agreement on September 28, 2012. The Company, on behalf of the Borrowers, has had, and intends to continue to have, discussions with the Administrative Agent and the Lenders regarding the terms of a potential forbearance, reinstatement and/or restructuring of the Term Loans. As of September 28, 2012, there was an aggregate principal amount of $170.5 million outstanding under the Term Loans.

 

The above description is only a summary of the assertions made by the Administrative Agent in the Notice and the potential consequences and remedies under the Credit Agreement, and does not purport to be complete. You are advised to refer to the actual Notice, which is attached to this report as Exhibit 99.1 and incorporated by reference herein, and to the terms of the Credit Agreement, which has been filed with the SEC as Exhibit 10.2 to the Company’s Amendment #1 to Registration Statement on Form S-1 (file no. 333-139203) on January 24, 2007, for the full details of the terms thereof.

 

An Event of Default under the Credit Agreement also constitutes an Event of Default under the Lease Agreements (the “Leases”) dated as of October 5, 2011, by and between each of Buffalo Lake Energy, LLC and Pioneer Trail Energy, LLC, respectively, and Farnam Street Financial, Inc . (“Farnam”). The Company has informed Farnam of its receipt of the Notice under the Credit Agreement.

  

 

Item 9.01.              Financial Statements and Exhibits.

 

(d)           Exhibits.

 

  Exhibit No.   Description
 

 

99.1

 

 

Letter dated September 28, 2012 addressed to BFE Operating Company, LLC, Buffalo Lake Energy, LLC and Pioneer Trail Energy, LLC.

       

 

 
 

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.

 

  BIOFUEL ENERGY CORP.
   
Date: October 4, 2012 By:   /s/ Scott Pearce
  Name: Scott Pearce
  Title: President and Chief Operating Officer

  

 
 

Exhibit Index

 

Exhibit No.   Description
     

99.1

 

Letter dated May 22, 2009 addressed to BFE Operating Company, LLC, Buffalo Lake Energy, LLC and Pioneer Trail Energy, LLC.