SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549-1004
______________________
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):
March
5, 2007
Porta
Systems Corp.
(Exact
name of registrant as specified in its charter)
Commission
File Number: 1-8191
|
Delaware
(State
or other jurisdiction of
incorporation
or organization)
|
11-2203988
(IRS
Employer Identification No.)
|
| |
|
|
6851
Jericho Turnpike, Syosset, New York
(Address
of principal executive offices)
|
11791
(Zip
Code)
|
516-364-9300
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
1.01 Entry
into a Material Definitive Agreement
On
March
5, 2007, the Company and Cheyne Special Situations Fund L.P., (the "Senior
Debt
Holder"), entered into an amendment to the Amended and Restated Loan and
Security Agreement, dated as of November 28, 1994, as amended, (the
"Agreement"), to extend the maturity of the Company’s senior debt to October 1,
2007. As part of the extension, except as provided below, the Senior Debt Holder
agreed to the deferral of interest on the senior debt to October 1, 2007 or
the
earlier occurrence of an Event of Default. The
amendment provides for interest payments to the Senior Debt Holder of $180,556
on April 1, 2007, $312,500 on July 1, 2007 and $312,500
on October 1, 2007. The Senior Debt Holder acquired all of the obligations
owed
by the Company under the Agreement from SHF IX, LLC on February 7, 2007.
SIGNATURES
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, hereunto
duly authorized.
| |
|
Porta
Systems Corp.
|
| |
|
|
| |
|
|
| |
|
|
|
Date:
March 8, 2007
|
By: |
/s/Edward
B.
Kornfeld
|
| |
|
Edward
B. Kornfeld
|
| |
|
Chief
Executive Officer
|
| |
|
Chief
Financial Officer
|