UNITED STATES 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) March 24, 2009
REUNION INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 01-15739 06-1439715
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(State of Incorporation) (Commission File No.) (IRS Employer ID No.)
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11 STANWIX STREET, SUITE 1400
PITTSBURGH, PENNSYLVANIA 15222
(Address of principal executive offices, including zip code)
(412) 281-2111
(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 (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))
Item 8.01 - Other Events
As previously reported, on November 26, 2007 Reunion Industries, Inc.
("Reunion") filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code in the United States Bankruptcy Court for the District of
Connecticut, Bridgeport Division (the "Bankruptcy Court"). Reunion continues
to operate as "debtor-in-possession" in that proceeding under the jurisdiction
of the Bankruptcy Court and in accordance with the applicable provisions of
the Bankruptcy Code. Attached to and made a part of this Report is Reunion's
Monthly Operating Report that was filed on February 27, 2009 with the
Bankruptcy Court and the United States Trustee pursuant to Rule 2015 of the
Federal Rules of Bankruptcy Procedure.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned, hereunto duly authorized.
Date: March 24, 2009 REUNION INDUSTRIES, INC.
-------------- (Registrant)
By: /s/ John M. Froehlich
---------------------
John M. Froehlich
Executive Vice President
of Finance and Chief
Financial Officer
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- 2 -
UNITED STATES BANKRUPTCY COURT
BRIDGEPORT DIVISION - DISTRICT OF CONNECTICUT
MONTHLY OPERATING REPORT
In re REUNION INDUSTRIES, INC. Case No. 07-50727(AHWS)
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Reporting Period: JANUARY 2009
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Federal Tax I.D. # 06-1439715
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CORPORATE MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS Form No. Document Explanation
Attached Attached
----------------------------- -------------- -------- ------------
Schedule of Cash Receipts
and Disbursements MOR-1 YES N/A
Bank Reconciliations MOR-1(CON'T) YES N/A
Statement of Operations MOR-2 YES N/A
Balance Sheet MOR-3 YES N/A
Status of Post-petition Taxes MOR-4 YES N/A
Summary of Unpaid Post-petition
Debts MOR-4 YES N/A
Accounts Receivable MOR-5 YES N/A
Taxes Reconciliation & Aging MOR-5 YES N/A
Payments -Insiders/Professionals MOR-6 YES N/A
Post Petition Status of Secured
Notes, Leases Payable MOR-6 YES N/A
Debtor Questionnaire MOR-7 YES N/A
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this
report and the attached documents are true and correct to the best of
my knowledge and belief.
Authorized Individual s JOHN M. FROEHLICH, CFO Date FEB. 24, 2009
Authorized individual must be an officer, director or shareholder if
debtor is a corporation.
- A-1 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 1 page 1/4
CASH RECEIPTS AND DISBURSEMENTS
JANUARY 2009
------------
Cash - beginning of period excluding $ 5,909,429
Plus: Collections on receivables 1,160,408
Plus: Miscellaneous/Titan receipts 94,371
Less: Disbursements
Net payroll 571,329
Payroll taxes 211,987
Titan disbursements 28,404
Other operating 1,038,727
Income Tax payments -
Reorganization:
Professional fees -
U.S. Trustee fees -
----------
Total 1,850,447
Increase(Decrease)in outstanding checks 105,048
----------
Cash - end of period $ 5,418,809
==========
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- A-2 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 1 page 2/4
BANK RECONCILIATION
AS OF JANURAY 31, 2009
BANK PNC BANK PNC BANK PNC BANK PNC BANK
TYPE OPERATING PAYROLL HEALTHCARE PENSION
ACCOUNT NUMBER 2161326 2184149 2880718 10382890
Balance per books $ 5,406 $(3,185) $ 2,964 $ 0
======== ======= ======== ========
BANK BALANCE $ 46,866 $ 0 $ 58,536 $ 710
Deposits in transit
Outstanding checks (41,460) (3,185) (55,572) (710)
Other - explain below
-------- ------- -------- --------
Adj. Bank Balance $ 5,406 $ 0 $ 2,964 $ 0
======== ======== ======== ========
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("Adj. Bank Balance" must equal "Balance per books".)
EXPLANATION OF OTHER:
- A-3 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 1 page 3/4
BANK RECONCILIATION
AS OF JANUARY 31, 2009
BANK PNC BANK PNC BANK PNC BANK
TYPE PENSION COLLATERAL CARVE-OUT
ACCOUNT NUMBER 1011567058 1019820572 1019820847
Balance per books $ 0 $3,638,862 $1,514,090
======== ========== =========
BANK BALANCE $ 5,241 $3,638,862 $1,514,090
Deposits in transit 0
Outstanding checks (5,241)
Other - explain below -------- ---------- ---------
Adj. Bank Balance $ 0 $3,638,862 $1,514,090
======== ========== =========
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("Adj. Bank Balance" must equal "Balance per books".)
- A-4 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 1 page 4/4
BANK RECONCILIATION
AS OF JANUARY 31, 2009
BANK FIFTH THIRD FIFTH THIRD Chase Chase
TYPE OPERATING PAYROLL Operating Royalty
ACCOUNT NUMBER 7512940417 1065629 1690008469 1820765236
Balance per books $ 76,024 $ 0 $ 77,540 $ 107,108
========= ======== ======= ========
BANK BALANCE $ 334,797 $ 26,504 $ 85,654 $ 111,570
Deposits in transit
Outstanding checks (258,773) (26,504) (8,114) (4,462)
Other - explain below
--------- -------- ------- --------
Adj. Bank Balance $ 76,024 $ 0 $ 77,540 $ 107,108
========= ======== ======= ========
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("Adj. Bank Balance" must equal "Balance per books".)
- A-5 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 2
INCOME STATEMENT
FOR THE PERIODS INDICATED
-------------------------
($ amounts in thousands)
Post
Month of Petition to
Jan-09 31-Jan-09
-------- ---------
Net Sales $ 1,291 $ 34,247
Cost of Sales:
Standard Cost 969 25,146
Variances & Other 166 3,033
------ -------
Gross Profit 156 6,068
Operating Expenses:
Marketing 50 1,100
General & Admin 357 4,652
------ -------
Operating Profit (251) 316
Other Income(Expense) - 39,849
Equity in China JV 58 1,002
Reorganization exp:
Professional fees - (339)
U.S. Trustee fees - (71)
Other
Adequate Protection Paym't Exp. - (450)
Interest Expense - excluding Adequate
Protection Payments (1) (3,782)
------ -------
Profit before tax (194) 36,525
Income Tax 0 0
------ -------
Net Income $ (194) $ 36,525
====== =======
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NOTE: Other income(expense) above primarily reflects the gain on
the sale of the Company's CP Industries division in
April of 2008.
December 2008 amounts were based on a normal month-end close and
do not include year-end type adjustments, e.g., results of
physical inventories and various accrual and asset
valuation adjustments.
- A-6 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 3
COMPARITIVE BALANCE SHEET
AS OF THE PERIODS SHOWN
-----------------------
($ amounts in thousands)
26-Nov-07 31-Dec-08 31-Jan-09
--------- --------- ---------
ASSETS:
Cash and Equivalents $ 754 $ 5,909 $ 5,419
Net Receivables 7,166 1,805 1,943
Net Inventory 12,369 2,002 2,019
Other Current Assets 3,029 2,262 2,255
------- ------- -------
Current 23,318 11,978 11,636
Net Property 6,300 3,472 3,448
Goodwill 10,994 1,491 1,491
CSV policies 2,200 2,003 2,003
Interest in China JV 3,009 3,953 4,011
------- ------- -------
Total $ 45,821 $ 22,897 $ 22,589
======= ======= =======
LIABILITIES & EQUITY:
Current Maturities of Debt $ 0 $ 0 $ 0
Trade Payables 3,305 2,768 2,546
Accrued Income Taxes 0 11 11
Accrued Interest 544 665 672
Customer Deposits 4,424 0 0
Accrued Other 4,272 4,826 4,927
------- ------- -------
Current 12,545 8,270 8,156
Secured Debt and interest 53,418 500 500
Other Liabilities 3,101 427 427
------- ------- -------
Total Liabilities 69,064 9,197 9,083
Total Equity (23,243) 13,700 13,506
------- ------- -------
Total $ 45,821 $ 22,897 $ 22,589
======= ======= =======
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NOTE: December 31, 2008 amounts are based on a normal month-end close and do
not include year-end type adjustments, e.g., results of physical
inventories and various accrual and asset valuation adjustments.
- A-7 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 4 page 1/3
SUMMARY OF UNPAID POST PETITION TAXES AND DEBTS
AS OF JANUARY 31, 2009
($ Amounts in 000's)
TAXES:
Beg End
Liability Accrued Paid Liability
--------- -------- ----- ---------
NON-PAYROLL TAXES:
Sales $ 0 $ 0
Excise $ 0 $ 0
Real Property $ 0 $ 0
Personal Property $ 0 $ 0
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PAYROLL TAXES - See attached pages 2 to 3
Payroll taxes in 2009 are being immediately paid to the
Company's payroll service company who will pay and file
the Company's payroll taxes.
DEBTS:
Days Past Due
---------------------------
Current 0-30 31-60 61-90 Over 91 Total
------ ---- ---- ---- ------ ------
Accounts Payable $ 243 $ 148 $ 25 $ 0 $ 2,130 $ 2,546
Wages Payable 78 78
Taxes Payable 0 0
Rent-Building 0 0
Adequate Protection Paymts 0 0
Professional Fees 0 71 5 0 76
Amounts due Insiders 4 4 4 4 118 134
---- --- --- --- ----- -----
Total $ 325 $ 223 $ 29 $ 9 $ 2,248 $ 2,834
===== === === === ===== =====
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Explanations:
Wages represent hourly wages earned in the last half of January that were
paid in February.
Professional fees are due Reid and Riege and are awaiting Bankruptcy Court
approval.
Amounts due insiders represent post petition interest on note and guaranty fees.
- A-8 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 4 page 2/3
FIT/FICA TAX PAYMENTS and FUTA 940 TAX PAYMENTS
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JANUARY 2009
DATE
PAID REF HANNA HQ TOTAL
---- --- ------ ------ -------
JANUARY
02 941 38,130 12,560 50,690
05 0
06 0
07 941 10,450 10,450
08 0
09 941 9,904 9,904
12 0
13 0
14 941 12,948 12,948
15 941 19,824 19,824
16 941 15,030 15,030
19 0
20 0
21 0
22 0
23 941 14,308 14,308
26 0
27 0
28 941 19,813 12,837 32,650
29 941 14,302 14,302
30 940 67 67
------- ------ -------
TOTAL 131,311 48,862 180,173
======= ====== =======
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- A-9 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 4 page 3/3
PA., IL, IN AND WI WITHHOLDING TAX AND SUTA PAYMENTS
JANUARY 2009
-------------
DATE
PAID STATE HANNA HQ TOTAL
---- -------- -------- -------- ----------
JANUARY
02 IL 2,684 2,684
05 IL-PA 2,340 1,025 3,365
06 PA 1,535 1,535
07 0
08 0
09 IL 2,180 2,180
12 0
13 0
14 PA 3,017 3,017
15 IL 4,632 4,632
16 IL 3,125 3,125
19 0
20 0
21 IN 75 75
22 0
23 IL 2,936 2,936
26 0
27 0
28 IL-PA 3,627 1,690 5,317
29 WI 2,948 2,948
30 0
------ ----- ------
TOTAL 24,472 7,342 31,814
====== ===== =====
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- A-10 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 5
ACCOUNTS RECEIVABLE AND TAXES AGING
AS OF JANUARY 31, 2009
($ Amounts in 000's)
TRADE ACCOUNTS RECEIVABLE RECONCILIATION:
Trade Receivables - beg of month $ 1,953
Plus: Invoiced during the month 1,304
Less: Amounts collected (1,160)
Less: Credits/Adjustments (35)
------
Trade Receivables - end of month $ 2,062
======
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ACCOUNTS RECEIVABLE AGINGS:
0-30 $ 1,042
31-60 655
61-90 301
91+ 64
------
Total trade receivables 2,062
Non-trade receivables 4
Less: Reserve for bad debts (123)
------
Net Receivables - per balance sheet $ 1,943
======
TAXES PAYABLE $ -
------------- ======
Payroll taxes in 2009 are being immediately paid to the
Company's payroll service company who will pay and file
the Company's payroll taxes.
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- A-11 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 6
PAYMENTS TO INSIDERS and PROFESSIONALS and
STATUS OF SECURED NOTES, LEASES AND ADEQUATE PROTECTION PAYMENTS
JANUARY 2009
Of the total disbursements shown on MOR-1, list the amount paid to
insiders and to professionals. For payments to insiders, identify
the type of compensation paid.
PAID THIS TOTAL
TYPE OF PERIOD POST
NAME PAYM'T AMOUNT PETITION
------------------------ ----------- --------- --------
INSIDERS:
---------
Thomas N. Amonett Director fees $ 0 $ 19,500
Charles E. Bradley Director fees $ 9,833 $137,662
Thomas L. Cassidy Director fees $ 0 $ 19,500
Thomas Certo Director fees $ 1,500 $ 1,500
David E. Jackson Director fees $ 1,500 $ 21,000
Joseph C. Lawyer Director fees $ 4,625 $ 64,750
John G. Poole Director fees $ 5,000 $ 70,000
Kimball J. Bradley, CEO Salary $32,627 $456,778
John M. Froehlich, CFO Salary $18,255 $255,570
Thomas J. Vogel, VP Salary $ 0 $169,200
PROFESSIONALS:
--------------
TOTAL
DATE OF PAID THIS TOTAL INCURRED
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COURT AMOUNT PERIOD PAID TO AND
ORDER APPROVED AMOUNT DATE UNPAID
Reid and Riege, PC 11/28/07 $ 545,036 $ 0 $ 545,036 $75,592
POST PETITION STATUS OF SECURED NOTES,LEASES AND ADEQUATE PROTECTION PAYMENTS:
MONTHLY PAID POST
PAYM'TS DURING PETITION
NAME OF CREDITOR DUE MONTH UNPAID
------------------------- --------- --------- ---------
SECURED NOTES:(Principal in default)
ADEQUATE PROTECTION PAYMENTS:
U.S. Bank, as Trustee $ 0 $ 0 $ 0
LEASES
------
KWA Properties $ 70,198 $ 70,198 $ 0
IPC REIT - Stanwix Street Assoc $ 9,362 $ 9,362 $ 0
US Bancorp $ 2,890 $ 2,890 $ 0
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- A-12 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 7
DEBTOR QUESTIONNAIRE
JANUARY 2009
Must be completed each month. If the answer to any of the questions
is "Yes", provide a detailed explanation of each item.
Attach additional sheets if necessary.
YES NO
--- ---
1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE
OF BUSINESS THIS REPORTING PERIOD? X
2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR
IN POSSESSION ACCOUNT THIS REPORTING PERIOD? X
3. IS THE DEBTOR DELINQUENT IN THE TIMELY FILING OF ANY POST-PETITION
TAX RETURNS? X
4. ARE WORKERS' COMPENSATION, GENERAL LIABLIITY OR OTHER NECESSARY
INSURANCE COVERAGES EXPIRED OR CANCELLED, OR HAS THE DEBOR
RECEIVED NOTICE OF EXPIRATION OR CANCELLATION OF SUCH POLICIES? X
5. IS THE DEBTOR DELINQUENT IN PAYING ANY INSURANCE PREMIUM PAYMENT? X
6. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS
REPORTING PERIOD? X
7. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM
RELATED PARTIES? X
8. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X
9. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X
10.ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X
11.ARE ANY OTHER POSTPETITION TAXES PAST DUE? X
12.HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? X
13.ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? X
14.ARE ANY WAGE PAYMENTS PAST DUE? X
15.HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? X
16.IS THE DEBTOR DELINQUENT IN PAYING ANY U.S. TRUSTEE FEES? X
17.IS THE DEBTOR DELINQUENT WITH ANY COURT ORDERED PAYMENTS TO ATTORNEYS
OR OTHER PROFESSIONALS? X
18.HAVE THE OWNERS OF SHAREHOLDERS RECEIVED ANY COMPENSATION OUTSTIDE OF
THE NORMAL COURSE OF BUSINESS? X
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- A-13 -
Reunion Industries (CE) (USOTC:RUNI)
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Reunion Industries (CE) (USOTC:RUNI)
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