- Current report filing (8-K)
May 06 2009 - 4:47PM
Edgar (US Regulatory)
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)
May
4, 2009
TXCO
Resources Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-9120
|
84-0793089
|
|
(State
of
|
(Commission
File
|
(IRS
Employer
|
|
incorporation)
|
Number)
|
Identification
No.)
|
|
777
E. Sonterra Blvd., Suite 350
|
|
|
San
Antonio, Texas
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78258
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(210)
496-5300
(Registrant's
telephone number,
including
area code)
|
|
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):
|
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))
Item
8.01: Other Events
On May 4, 2009, TXCO Resources Inc.
(the "Company" or "TXCO") implemented a second reduction in force in order to
reduce costs. TXCO terminated 25 full-time employees representing approximately
30% of its workforce before these terminations. Included in the terminated
employees was Roberto Thomae, VP of Capital Markets. The Company also terminated
the services of 9 consultants who worked almost exclusively for TXCO. The
Company will incur one-time termination costs estimated at $326,000 related to
this reduction in force, which does not represent a material charge under SFAS
No. 146.
Monthly
general and administrative expenses will be reduced approximately
$251,000.
SIGNATURE
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, thereunto duly
authorized.
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|
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TXCO
Resources Inc.
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|
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Dated:
May 6, 2009
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/s/ P. Mark Stark
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|
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P.
Mark Stark
|
|
|
Chief
Financial Officer
|
|
|
(Principal
Accounting and Financial
Officer)
|
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