Reunion Industries amends DIP loan to reset CP Industries sale deadlines

By Caroline Salls

Pittsburgh, March 4 - Reunion Industries, Inc. has amended its debtor-in-possession financing agreement to give the company more time to complete the sale of its CP Industries division, according to a Monday filing with the U.S. Bankruptcy Court for the District of Connecticut.

Specifically under the amendment, the DIP lender's deadline for a court order approving the CP sale is March 26, extended from Feb. 22, and the deadline for closing the sale is now April 7.

Reunion said the new deadlines were set because it was not able to deliver an asset purchase agreement to DIP lender Wachovia Bank, NA until Feb. 29, later than expected.

The company will pay a $10,000 amendment fee.

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

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