form8k.htm
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): December 23, 2008
___________
CIRCUIT
CITY STORES, INC.
(Exact
name of registrant as specified in its charter)
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Virginia
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1-5767
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54-0493875
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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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9950
Mayland Drive
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Richmond,
Virginia
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23233
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (804) 486-4000
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
1.01
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Entry
into a Material Definitive
Agreement.
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On
December 23, 2008, the United States Bankruptcy Court for the Eastern District
of Virginia, which has jurisdiction over the reorganization proceedings under
Chapter 11 of the United States Bankruptcy Code for Circuit City Stores, Inc.
(the “Company”) and each of its wholly-owned United States and Puerto Rican
subsidiaries, entered on its docket a final order (the “Final Order”) granting
approval of the Company’s Senior Secured, Super-Priority, Debtor-in-Possession
Credit Agreement, as amended, modified, supplemented or waived to date (the “DIP
Credit Agreement”). The Bankruptcy Court had granted interim approval
of the original DIP Credit Agreement on November 10, 2008.
The
parties to the DIP Credit Agreement and a summary of its material terms, except
for certain amendments that the parties agreed to prior to the entry of the
Final Order, were set forth in the Company’s Current Report on Form 8-K filed
with the Securities and Exchange Commission on November 12, 2008, and such
information is incorporated by reference into this Item 1.01. The
amendments to the DIP Credit Agreement included the elimination of the Company’s
requirement to obtain additional term loan financing in an amount equal to at
least $75 million on or before January 17, 2009 in order to prepay amounts
outstanding under the DIP Credit Agreement and the elimination of a covenant
requiring minimum net availability during certain periods. The DIP
Credit Agreement also includes a covenant that was amended to accelerate
deadlines and procedures related to a potential sale of assets.
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Item 2.03
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Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant.
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The
information provided in Item 1.01 above is incorporated by reference into
this Item 2.03.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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CIRCUIT
CITY STORES, INC.
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(Registrant)
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Date: December
30, 2008
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By:
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/s/ Reginald D.
Hedgebeth
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Reginald
D. Hedgebeth
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Senior
Vice President,
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General
Counsel and Secretary
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