TCP INTERNATIONAL HOLDINGS LTD. (OTCMKTS:TCPIF) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet ArrangementItem 2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
On November 29, 2017, the Company received a notice of default and reservation of rights from its lender under that certain Amended and Restated Revolving Credit and Security Agreement dated September 29, 2016 (as amended, supplemented, restated or otherwise modified from time to time (the “Credit Agreement”). The events of default include (i) the failure to deliver the audited annual financial statements of the borrowers under the Credit Agreement for the fiscal years ended on or about December 31, 2015 and December 31, 2016, and (ii) a Change of Control (as defined in the Credit Agreement) as a result of the resignation of the Company's Chief Financial Officer.
The lender reserved all of the rights and remedies available to it under the Credit Agreement, any of the related documents, applicable law and otherwise, including the right to increase the rate of interest on the principal amount of the outstanding obligations under the Credit Agreement retroactive to the day on which the events of default occurred. To date, the Company has not received notice that the lenders have exercised any such rights or remedies.
About TCP INTERNATIONAL HOLDINGS LTD. (OTCMKTS:TCPIF)
TCP International Holdings Ltd. is a provider of light-emitting diode (LED) and compact fluorescent lamp (CFL) lighting technologies. The Company designs, develops, manufactures and delivers lamps, fixtures and Internet-based lighting control solutions. Its portfolio of LED and CFLs, fixtures and Internet-based lighting solutions are offered through retail and consumer and industrial distributors throughout the United States, Canada, Asia, Latin America and Europe/Middle East/Africa (EMEA). The Company offers industrial warehouse lighting and commercial lighting systems, which include Commercial & Industrial Light Bulbs, Commercial & Industrial Light Fixtures, and Emergency Exit Signs for Lighting. Its Commercial & Industrial Light Bulbs include LED A Lamps, LED T8 Tubes, LED BR Lamps, Dimmable LED Downlights, LED MR16 Lights, LED Deco Lights, Non-Dimmable LED PAR Lamps, Dimmable LED PAR Lamps, Fluorescent Lamps & Ballasts, CFL Light Bulbs, Halogen Lamps and LED Elevator Lamps.