Krispy Kreme Gets Another Extension on Filing Deadline

Krispy Kreme recieved an extension on the date on which an event of default would occur by reason of its failure to deliver financial statements for the quarter ended October 31, 2004.

The company now has until April 11, 2005. This is the second extension the company has recieved this year.

According to a Reuters article,

“Krispy Kreme, a one-time darling of Wall Street, has been hard-hit by a U.S. Securities and Exchange Commission probe into its accounting methods, an earnings restatement, and sluggish doughnut sales.

Krispy Kreme shares have fallen more than 82 percent since their all-time high of $49.74 in August 2003. The stock closed at $8.76 on Thursday, ahead of the Good Friday holiday.”

Krispy Kreme is currently negotiating with a new lending group to obtain new credit facilities the proceeds of which would be used to repay in full the lenders under its current Credit Facility and for general corporate purposes.

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