Reunion Industries files plan of reorganization

By Caroline Salls

Pittsburgh, Dec. 19 - Reunion Industries, Inc. filed a plan of reorganization and related disclosure statement Thursday with the U.S. Bankruptcy Court for the District of Connecticut.

Reunion said plan distributions will be funded by cash on hand and proceeds from its business operations.

Treatment of creditors will include:

• Holders of secured claims and priority claims will be paid in full in cash;

• Holders of roughly $3 million in unsecured claims will recover 70% through equal cash payments to be made on March 1, April 1 and May 1; and

• Holders of equity interests will retain their interests.

Reunion said president and chief executive officer Kim Bradley and executive vice president and chief financial officer John M. Froelich will remain in their positions following plan confirmation.

Reunion, a Pittsburgh-based manufacturer of metal and plastic products, filed for bankruptcy on Nov. 29, 2007. Its Chapter 11 case number is 07-50727.

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