U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Commission File
Number (1-10113)
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [ ] Form 11-K [ ] Form 20-F
[ ] Form 10-Q [ ] Form N-SAR
For Period Ended: December 31, 2002
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended:
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Nothing in this Form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I
REGISTRANT INFORMATION
Full Name of Registrant HALSEY DRUG CO., INC.
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Former Name if Applicable
Address of Principal Executive Office (Street and Number)
695 No. Perryville Road
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City, State and Zip Code
Rockford , Illinois 61107
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PART II
RULE 12b-25(b) and (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
[X] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense;
[X] (b) The subject annual report or semi-annual report, transition
report on Form 10-K, 11-K or Form N-SAR, or portion thereof will be
filed on or before the 15th calendar day following the prescribed due
date; or the subject quarterly report or transition report on
Form 10-Q or portion thereof will be filed on or before the fifth
calendar day following the prescribed due date; and
[ ] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed
within the prescribed time period.
The Company is in active negotiations with its senior lenders relating to
the waiver of compliance with certain covenants contained in each of the
Company's term loan agreement and senior secured debentures. The results of
these negotiations will determine whether the Company's term loan facility and
senior secured debentures, each having a maturity date of March 31, 2006, must
be reclassified as current liabilities. As a result of these negotiations, the
completion of the Company's financial statements for year ended December 31,
2002 has been delayed. It is Management's belief that the negotiations with its
senior lenders will be completed and the proper classification made of the
Company's indebtedness in a time period that will allow for the filing of the
Company's Form 10-K for the fiscal year ended December 31, 2002 on or before the
15th calendar day following its prescribed due date.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Peter Clemens, Chief Financial Officer (815) 399-2060
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required
under section 13 or 15(d) of the Securities
Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the [X] Yes No [ ]
preceding 12 months or for such shorter
period that the registrant was required
to file such report(s) been filed?
If the answer is no, please identify report(s).
(3) Is it anticipated that any significant
change in results of operations from the [ ] Yes No [X]
corresponding period for the last fiscal
year will be reflected by the earnings
statements to be included in the subject
report or portion thereof?
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
HALSEY DRUG CO., INC.
(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: March 31, 2003 By: /s/ Peter Clemens
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Peter Clemens, Vice President
and Chief Financial Officer