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): June 1, 2007

FIRSTCITY FINANCIAL
CORPORATION

(Exact name of registrant as specified in its charter)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations 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 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 7.01, “Regulation FD Disclosures.”

On June 1, 2007, FirstCity Financial Corporation (“FirstCity” or the “Company”) issued a press release announcing the consent of the Bank of Scotland, as agent and lender, to the delivery of the annual audited and unaudited financial statements of FirstCity for Fiscal Year 2006, the monthly financial statements for January 2007 through May 2007, the Annual Report on Form 10-K for the year ended December 31, 2006 and the Form 10-Q for the period ending March 31, 2007, by a date not later than June 30, 2007.  A copy of this press release is attached hereto as Exhibit 99.1.

Item 9.01  Financial Statements and Exhibits

The following exhibit is furnished with this Form 8-K.

(d)                                 Exhibits.

99.1                           Text of press release of FirstCity Financial Corporation issued on June 1, 2007.

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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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EXHIBIT INDEX

 

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Exhibit 99.1

 

NEWS RELEASE

FIRSTCITY FINANCIAL CORPORATION ANNOUNCES ADDITIONAL EXTENSION BY LENDER

Waco, Texas June 1, 2007…… FirstCity Financial Corporation (NASDAQ: FCFC) today announced that FirstCity has obtained the consent of the Bank of Scotland, as agent and lender, to the delivery of the annual audited and unaudited financial statements of FirstCity for Fiscal Year 2006, the monthly financial statements for January 2007 through May 2007, the Annual Report on Form 10-K for the year ended December 31, 2006 and the Form 10-Q for the period ending March 31, 2007, by a date not later than June 30, 2007. The extension was granted under the terms of both FirstCity’s Revolving Credit Agreement dated as of November 12, 2004, and the acquisition facility provided to FH Partners L.P., a wholly-owned affiliate of FirstCity, under the Revolving Credit Agreement dated as of August 26, 2005, to allow FirstCity and FH Partners, L.P. to continue to utilize those loan facilities in the normal course of business.

FirstCity has previously announced that the filing of its 2006 10-K would be delayed as a result of the independent investigation by the Audit Committee of FirstCity’s Board of Directors.  The independent investigation is ongoing, and, as a result, FirstCity is currently unable to estimate when it expects to file its 2006 Form 10-K and the Form 10-Q for the period ending March 31, 2007 or announce results for each of the year and quarter ended December 31, 2006 and the quarter ended March 31, 2007.

Forward – Looking Statements

This press release contains statements that are forward-looking in nature, including, without limitation, statements relating to the filing of FirstCity’s 2006 Form 10-K and the Form 10-Q for the period ending March 31, 2007, the announcement of FirstCity’s financial results for the 2006 fourth quarter and fiscal year and for the 2007 first quarter; and the timing, results and effect of the independent Audit Committee investigation.  These statements are just management’s expectations and involve risks and uncertainties, such that actual results may differ significantly.  These risks include, but are not limited to, additional actions resulting from the continuing independent Audit Committee investigation.

FirstCity Financial is a diversified financial services company with operations dedicated to portfolio asset acquisition and resolution with offices in the U.S. and with affiliate organizations in France and Mexico. Its common stock is listed on the NASDAQ Global Select Market System under the symbol “FCFC.”