tec_8k-80918.htm
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): September 18,
2008
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TORRENT
ENERGY CORPORATION
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(Exact
name of registrant as specified in its charter)
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Colorado
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000-19949
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84-1153522
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(State
or other jurisdiction of incorporation )
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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11918
SE Division, Suite 197
Portland,
Oregon 97266
(Address
of principal executive offices)
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(503)
224-0072
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(Registrant's
telephone number, including area code)
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No
Change
(Former
name or former address, if changed since last
report)
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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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
As
previously disclosed in the Company's current reports on Form 8-K, the
Company on June 6, 2008 entered into a senior secured super-priority
debtor-in-possession credit and guaranty agreement (the “DIP Credit Agreement”)
with YA Global Investments, L.P., as lender (" YA Global"), pursuant to which YA
Global provided the Company with funds to permit the Company to continue its
operations during its reorganization under Chapter 11.
On
September 18, 2008, YA Global issued to the Company a “Notice of Lender’s
Election to Cease Funding” pursuant to the DIP Credit Agreement. The
notice stated that YA Global has elected to exercise its right to cease funding
the Company, and will provide no further advances to the Company, under the DIP
Credit Agreement, except for advances for compensation payable to certain
employees of the Company. YA Global has informed the Company that its
election to cease funding is irrevocable. YA Global has not claimed
that the Company is in default, and the Company does not believe it is in
default, under the DIP Credit Agreement.
As a
result of YA Global’s irrevocable election to cease funding under the DIP Credit
Agreement and the Company's limited cash resources, the Company’s ability to
continue operations is severely limited. The Company is considering
its options in light of YA Global's election.
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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TORRENT
ENERGY CORPORATION
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Date:
September 19, 2008
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By:
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/s/ Peter
J. Craven |
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Peter
J. Craven
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Chief
Financial Officer |
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