8-K/A 1 f8k728.txt US 1 INDUSTRIES, 8K DATED JULY 24, 2009 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 July 24, 2009 Date of Report (Date of earliest event reported) US 1 Industries, Inc. (Exact Name of Registrant as Specified in Its Charter) Indiana (State or Other Jurisdiction of Incorporation) 1-8129 95-3585609 __________________________ _________________________________ (Commission File Number) (IRS Employer Identification No.) 336 W. US 30,Valparaiso, Indiana 46385 ______________________________________________________________________________ (Address of Principal Executive Offices) (Zip Code) (219) 476-1300 _____________________________________________________ (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 1.01 Entry into a Material Definitive Agreement On July 24, 2009, US 1 Industries, Inc. and various subsidiaries entered into a Sixth Amendment to Amended and Restated Loan Agreement and Eleventh Amendment to Revolving Loan Note (the "Amendment") with U.S. BANK, a national banking association ("Lender"). In general, the Amendment (a) reduced the revolving line of credit from $22,000,000 to $17,500,000; (b) imposed an unused line fee; (c) restricted distributions to minority interest holders to amounts necessary to pay income tax liability attributable to income of the borrower; (d) temporarily replaced certain financial covenants with a minimum EBITDA covenant; (e) reinstates the minimum debt service coverage ratio at a later date; (f) reinstates the ratio of unsubordinated debt to EBITDA at a later date; and (g) limits the borrower's current maturities of long term debt other than debt to the lender to $600,000 as of December 31, 2009, and thereafter. A copy of the Amendment is attached hereto as an exhibit and incorporated by reference. Item 9.01. Financial Statements and Exhibits. (d) Exhibits 10.1 Sixth Amendment to Amended and Restated Loan Agreement and Eleventh Amendment to Revolving Loan Note with US Bank, US 1 Industries, Inc SIGNATURES Pursuant to the requirements of Section 12 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. US 1 Industries, Inc. By: /s/ Michael E. Kibler ____________________________________ Michael E. Kibler President and Chief Executive Officer Dated: July 28, 2009