SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549-1004
______________________
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):
April
15, 2008
Porta
Systems Corp.
(Exact
name of registrant as specified in its charter)
Commission
File Number: 1-8191
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Delaware
(State
or other jurisdiction of
incorporation
or organization)
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11-2203988
(IRS
Employer Identification No.)
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6851
Jericho Turnpike, Syosset, New York
(Address
of principal executive offices)
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11791
(Zip
Code)
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516-364-9300
(Registrant’s
telephone number, including area code)
Not
Applicable
(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:
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
1.01 Entry
into a Material Definitive Agreement
On
April
15, 2008, the Company and Cheyne Special Situations Fund L.P., (the "Senior
Debt
Holder"), entered into an amendment, effective May 1, 2008, to the Amended
and
Restated Loan and Security Agreement, dated as of November 28, 1994, as amended,
(the "Agreement"), to extend the maturity of the Company’s senior debt to
September 1, 2008. As part of the extension, except as provided below, the
Senior Debt Holder agreed to the deferral of interest on the senior debt to
September 1, 2008 or the earlier occurrence of an Event of Default. The
amendment provides for an interest payment to the Senior Debt Holder of
$1,458,334.00 on September 1, 2008, which sum includes interest of $1,041,667.00
that was due on May 1, 2008. Moreover,
the Senior Debt Holder extended the $1,000,000 loan advanced to the Company
on
October 23, 2007 from May 1, 2008 to September 1, 2008.
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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Porta
Systems Corp. |
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| Date:
April 16, 2008 |
By: |
/s/
Edward B. Kornfeld |
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Edward
B. Kornfeld |
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Chief
Executive Officer |
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Chief Financial Officer |