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 2,
2010
Andatee
China Marine Fuel Services Corporation
(Exact
name of registrant as specified in its charter)
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Delaware
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001-34608
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80-0445030
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(State
or Other Jurisdiction
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(Commission
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(I.R.S.
Employer
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of
Incorporation)
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File
Number)
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Identification
No.)
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Dalian
Ganjingzi District, Dalian Wan Lijiacun
Unit
C, No. 68 West Binhai Road, Xigang District Dalian
People’s
Republic of China
(Address
of Principal Executive Office) (Zip Code)
011
(86411) 8360 4683
(Registrant’s
telephone number, including area code)
N/A
(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))
Section
1 – Registrant's Business and Operations
Item 1.01. Entry into a Material
Definitive Agreement.
The registrant hereby incorporates by
reference the disclosure made in Item 2.03 below.
Section
2 – Financial Information
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
Effective
as of September 2, 2010, Dalian Xingyuan Marine Bunker Co. Ltd., a variable
interest entity (VIE) through which entity Andatee China Marine Fuel Services
Corporation conducts all of its business operations (collectively, the
“Company”) obtained from Bank of Yingkou, a joint-stock commercial bank, bank
acceptance notes in the amount of RMB 120 million (approximately USD $17.6
million) by depositing RMB 60 million (approximately USD $8.8 million) with such
bank as the Company’s collateral against the amount borrowed from the bank. The
discount rate for each bank acceptance note was annually 6.05% and the Company
is required to pay back the principal amounts of each outstanding bank note,
within 6 months of each respective note, or in February 2011. The notes do not
contain prepayment penalties or any similar provisions. In the event of default
on any individual bank acceptance note, the Company is subject to fines equal to
10% of the par value of individual bank acceptance note in default.
The
Company intends to use the proceeds of this loan for general corporate and
working capital purposes, including, among others, sales and product promotional
purposes in Southern China, as well as to finance acquisition activities in its
continuous effort to establish its “one-stop depot” service model along the
coastal areas. The foregoing is a summary description of the terms
and provisions of the underlying bank acceptance notes and by its nature is
qualified by the actual text of each instrument.
Section
9 – Financial Statements and Exhibits
Item
9.01 Financial
Statements and Exhibits.
(d) Exhibits.
99.1 Press
release dated September 7, 2010.
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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Andatee
China Marine Fuel Services Corporation
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By:
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/s/ Wen Tong
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Wen
Tong, Chief Financial Officer
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Date: September
9, 2010