UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): June 19, 2002
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Baltek Corporation
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction
of Incorporation)
0-44764 56-0952883
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(Commission File Number) (IRS Employer Identification No.)
10 Fairway Court, Northvale, New Jersey 06747
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, (201) 767-1400
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5 OTHER EVENTS.
On June 19, 2002, Baltek Corporation (the "Company") issued a press release
announcing its intention to sell its shrimp operation in Ecuador. Based on the
Company's evaluation of current economic and industry conditions, it expects to
record a charge to earnings of $6 million in the quarter ended June 30, 2002 to
reduce the assets underlying these operations to their currently estimated fair
value. Until it disposes the business, adjustments may be required to be made to
this estimate. The Company will also be required to revise its loan agreement
with its U.S. banks to avoid a default at the time a sale is consummated. The
Company is currently negotiating new terms with its lender. The press release is
attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS:
Exhibit
Number Exhibit Title
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99.1 Press Release dated June 19, 2002.
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.
BALTEK CORPORATION
Date: June 19, 2002, By: /s/ Ronald Tassello, Chief Financial Officer
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Ronald Tassello
Chief Financial Officer