SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): November 8, 2001
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York Research Corporation
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(Exact name of registrant as specified in charter)
Delaware 0-72 06-0608633
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
280 Park Avenue, Suite 2700 West, New York, NY 10017
(Address of principal executive offices)
Registrant's telephone number, including area code: (212-557-6200)
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(Former name or former address, if changed since last report)
Item 5. Other Events
On November 8, 2001, York Research Corp ("York") and certain of its
subsidiaries entered into a Standstill Agreement with the holders of more than
two-thirds of the $150,000,000 12% Senior Secured Bonds due October 30, 2007
issued by York Power Funding (Cayman) Limited (the "Portfolio Bonds"). Pursuant
to the Standstill Agreement, the holders agreed that notwithstanding the payment
default on the Portfolio Bonds, during the term of the Standstill Agreement they
would forbear from instructing the bond trustee to accelerate the Portfolio
Bonds or otherwise take any action with respect to the collateral for the
Portfolio Bonds. York agreed to provide information to the bondholders and their
counsel as requested, and to consult with them as to the status of York's
projects and its negotiations with its other creditors. The Standstill Agreement
is terminable on five days' notice by the holders of 51% of the outstanding
principal amount of the Portfolio Bonds, or if earlier upon a bankruptcy filing
involving York or certain of its subsidiaries, the termination of the
previously-reported agreement to sell York's Trinidad Project to NRG Energy, or
November 21, 2001, unless extended by mutual agreement. There can be no
assurance that any discussions with the bondholders concerning the Portfolio
Bonds, or with York's other creditors, will be successful. If such negotiations
are not successful, it is likely that a bankruptcy filing involving York and
certain of its subsidiaries will be commenced.
This Current Report on Form 8K contains forward looking statements as
to which there can be no assurance. Reference is made to York's Annual Report on
Form 10-K for information as to, and risks inherent in, such forward looking
statements. However, it is impossible to predict the effect the matters
disclosed in this Current Report, or a bankruptcy proceeding involving York,
will have on any of York's current projects under development, or its ability to
continue in business.
Exhibits:
Exhibit 1. Press Release
Exhibit 2. Standstill Agreement dated November 7, 2001
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, thereunto duly authorized.
YORK RESEARCH CORPORATION
(Registrant)
By: /s/ MICHAEL TRACHTENBERG
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Michael Trachtenberg
Executive Vice President
Dated: November 9, 2001