Elliot Eisenberg

The Ten Most Promising Net Cash Stocks

It appears as if you don't know what you are talking about. Literally. GSI has spent the cash, borrowed money, made an acquisition and is trying to work its way out of a liquidity crunch.

Pls see below

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):

March 5, 2009




GSI GROUP INC.

(Exact name of registrant as specified in its charter)







New Brunswick, Canada 000-25705 98-0110412
(State or other jurisdiction

of incorporation)
(Commission File Number) (IRS Employer

Identification No.)


125 Middlesex Turnpike,

Bedford, Massachusetts 01730

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: [phone]



(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 (see General Instruction A.2. below):



¨ 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))









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Item 1.01 Entry into a Material Definitive Agreement.

GSI Group Inc. (the “Company”) announced today that it has engaged financial advisors and entered into a supplemental indenture (the “Second Supplemental Indenture”) in accordance with the forbearance agreements previously announced on February 6, 2009 (the “Forbearance Agreements”).

The Company entered into the Forbearance Agreements with certain beneficial owners (the “Investors”) holding greater than 75% of the outstanding aggregate principal amount of its 11% Senior Notes due 2013 (the “Notes”). The effectiveness of the Forbearance Agreements was conditioned upon, among other factors: (i) engagement of a financial advisor to assist the Investors, (ii) engagement of a financial advisor to assist the Company’s management and Board of Directors, and (iii) entering into an amendment to the Indenture (as amended or supplemented from time to time, the “Indenture”), dated as of August 20, 2008, by and among GSI Group Corporation (the “Issuer”), the Company, Eagle Acquisition Corporation and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) to amend certain notice provisions.

The Company announced today that in accordance with the Forbearance Agreements, both sets of financial advisors have been engaged and continue to work cooperatively with the Company.

Additionally, on March 5, 2009, the Company entered into a supplemental indenture (the “Second Supplemental Indenture”), by and among the Company, the Issuer, Excel Technology, Inc. and the Trustee. The Second Supplemental Indenture amends Section 6.01(4) of the Indenture to allow beneficial owners (in addition to the Trustee or certain Holders (as such term is defined in the Indenture) of the Notes) representing at least 25% of the aggregate principal amount of the Notes then outstanding to provide, after the date of the Second Supplemental Indenture, the notice of failure referenced in Section 6.01(4) of the Indenture; provided, however, that any such notice from a beneficial owner of the Notes pursuant to Section 6.01(4) will be deemed to be proper notice under the Indenture only if, and as of the date, the Issuer has received such information and certifications (including from the Holders of the Notes or any Agent Member (as such term is defined in the Indenture)) reasonably necessary to determine that the persons providing such notice are beneficial owners of the Notes.