FENIX PARTS, INC. (NASDAQ:FENX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

On December 29, 2017, the Company entered into a Forbearance Agreement to the credit facility (the "New Forbearance Agreement") with BMO Harris Bank N.A. and its Canadian affiliate, Bank of Montreal. This Forbearance Agreement replaces the Forbearance Agreement among the same parties that was entered into on March 27, 2017, and amended as of June 23, 2017, as previously announced. to the New Forbearance Agreement, the banks agreed to forbear from exercising their rights and remedies under the credit facility with respect to the Company’s non-compliance with applicable financial and other covenants and any further non-compliance with such covenants during the forbearance period, provided no other defaults occurred. The forbearance period under the New Forbearance Agreement ends on February 28, 2018. The New Forbearance Agreement also permits the Company to add certain quarterly interest payments otherwise due for the first, second, third and fourth quarters of 2017 to the principal amount of debt outstanding and defer the principal payments that were otherwise due on March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017 to the end of the forbearance period.

The preceding description of the New Forbearance Agreement is qualified in its entirety by reference to the New Forbearance Agreement, which is attached hereto as Exhibit 10.1.

On January 4, 2018, the Company issued a press release announcing the New Forbearance Agreement, a copy of which is attached hereto as Exhibit 99.1.

Item 9.01Financial Statements and Exhibits

(d)Exhibits

Fenix Parts, Inc. Exhibit
EX-10 2 exhibit-10101042018.htm EXHIBIT 10 Exhibit FORBEARANCE AGREEMENTThis FORBEARANCE AGREEMENT (this “Agreement”) is entered into as of December 29,…
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About FENIX PARTS, INC. (NASDAQ:FENX)

Fenix Parts, Inc. is engaged in auto recycling business. The Company recovers and resells original equipment manufacturer (OEM) parts, components and systems, such as engines, transmissions, radiators, trunks, lamps and seats reclaimed from damaged, totaled or low value vehicles. The Company operates through Automobile Recycling segment. The Company purchases its vehicles primarily at auto salvage auctions. Upon receipt of vehicles, the Company inventories and then dismantles the vehicles and sells the recycled components. Its customers include collision repair shops (body shops), mechanical repair shops, auto dealerships and individual retail customers. The Company also generates a portion of its revenue from the sale as scrap of the unusable parts and materials, from the sale of used cars and motorcycles, the sale of aftermarket parts, and from the sale of extended warranty contracts.