STAFFING 360 SOLUTIONS, INC. (NASDAQ:STAF) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement.
To the extent required by Item 1.01, the information contained in Item 2.03 of this Current Report on Form 8-K is incorporated by reference herein.
Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On February 8, 2019, the following foreign subsidiaries (the “Borrowers”) of the Company refinanced their existing debt purchase agreements, with The JM Group (IT Recruitment) Limited and Longbridge Recruitment 360Limited retiring their respective debt purchase agreements with ABN AMRO Commercial Finance PLC, and CBSButler Limited refinancing its existing debt purchase agreement with HSBC Invoice Finance (UK) Limited (“HIF”). The Borrowers each entered into a new Agreement for Purchase of Debt (“APD”) with HIF, which are effective February 9, 2018, and are attached hereto as Exhibits 10.1, 10.2 and 10.3.
The APDs carry an aggregate Facility Limit of £11,500,000 across all Borrowers and mature on February 9, 2019, unless otherwise accelerated or terminated earlier. The obligations of the Borrowers are secured by a fixed charge and a floating charge on the Borrowers’ respective accounts receivable, and are subject to cross-company guarantees among the Borrowers and Staffing 360 Solutions Limited.
The foregoing description of the Agreements for Purchase of Debt does not purport to be complete and is qualified in its entirety by reference to the full text of the APDs, copies of which are attached hereto as Exhibits 10.1, 10.2 and 10.3, and incorporated herein by reference.
Item 8.01Other Events.
On February 12, 2018, the Company announced the entry into the APDs. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.
Item 9.01Financial Statements and Exhibits.
Exhibits.
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Exhibit No. |
Description |
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10.1 |
Agreement for Purchase of Debt, dated February 8, 2018, between CBS Butler Limited and HSBC Invoice Finance (UK) Limited. |
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10.2 |
Agreement for Purchase of Debt, dated February 8, 2018, between The JM Group (IT Recruitment) Limited and HSBC Invoice Finance (UK) Limited. |
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10.3 |
Agreement for Purchase of Debt, dated February 8, 2018, between Longbridge Recruitment 360 Ltd and HSBC Invoice Finance (UK) Limited. |
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99.1 |
Press release, dated February 12, 2018. |
Staffing 360 Solutions, Inc. ExhibitEX-10.1 2 staf-ex101_9.htm EX-10.1 staf-ex101_9.htm Exhibit 10.1 AGREEMENT FOR THE PURCHASE OF DEBTS Date: 8th February 2018 BETWEEN (1) HSBC Invoice Finance (UK) Limited (HIF); and (2) CBS Butler Limited (Company Registration Number 01654251) (Client). This Agreement for the Purchase of Debts,…To view the full exhibit click here
About STAFFING 360 SOLUTIONS, INC. (NASDAQ:STAF)
Staffing 360 Solutions, Inc. operates in the staffing sector. The Company is engaged in the execution of a global buy-and-build strategy through the acquisition of domestic and international staffing organizations in the United States and the United Kingdom. Its targeted consolidation model is focused on the finance and accounting, administrative, engineering and information technology (IT) staffing space.