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UNITED
STATES 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): December 17, 2008
PROGRESSIVE
GAMING INTERNATIONAL CORPORATION
(Exact
Name of Registrant as Specified in Charter)
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NEVADA
(State
or Other Jurisdiction of
Incorporation)
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000-22752
(Commission
File Number)
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88-0218876
(I.R.S.
Employer
Identification
No.)
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920
Pilot Road
Las
Vegas, Nevada 89119
(Address
of Principal Executive Offices)
(702) 896-3890
(Registrants
telephone number, including area code)
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K 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 CRF 240.13e-4(c))
Item
2.04 Triggering Events That Accelerate or Increase a Direct
Financial Obligation
Progressive
Gaming International’s (the “Company’s”)
management is cooperating with its senior secured lender, Private Equity
Management Group Financial Corporation (“PEM”), to
conduct a sale of substantially all of the Company’s assets pursuant to a
Notification of Disposition of Collateral received on December 17, 2008. The
sale of collateral will occur on January 15, 2009 to the highest qualified
bidder unless the Company redeems the collateral anytime before the sale by
paying all obligations in the amount of approximately $17 million (before
adjustment for amounts repaid to PEM in December 2008 of approximately $1.1
million) and all reasonable expenses of the Agent.
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.
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Progressive
Gaming International Corporation
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By:
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/s/
HEATHER A. ROLLO
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Date:
December 23, 2008
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Heather
A. Rollo
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Executive
Vice President, Chief
Financial
Officer and Treasurer
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