-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WpWeSKg/sVuIzxmPwDzmv7IdS7ItzdIhoen3h0CxF50Hn1lTDkyJ+xohi/7ZheV8 m29+C7fnraF7ZFo2JFAW7g== 0000950152-02-006825.txt : 20020906 0000950152-02-006825.hdr.sgml : 20020906 20020905191307 ACCESSION NUMBER: 0000950152-02-006825 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020830 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020906 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARBIDE GRAPHITE GROUP INC /DE/ CENTRAL INDEX KEY: 0000888918 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] IRS NUMBER: 251575609 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15055 FILM NUMBER: 02757863 BUSINESS ADDRESS: STREET 1: ONE GATEWAY CTR STREET 2: 19TH FL CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4125623700 MAIL ADDRESS: STREET 1: ONE GATEWAY CTR STREET 2: 19TH FL CITY: PITTSBURGH STATE: PA ZIP: 15222 8-K 1 j9616001e8vk.txt FORM 8-K =============================================================================== 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) August 30, 2002 Commission file number: 0-20490 THE CARBIDE/GRAPHITE GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 57-1575609 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Gateway Center, 19th Floor Pittsburgh, PA 15222 (Address of principal executive offices) (412) 562-3700 (Registrant's telephone number, including area code) None - -------------------------------------------------------------------------------- (former name or former address, if changed since last year) ITEMS 1, 2, 3, 4, 6, 8 AND 9 Not applicable. ITEM 5. OTHER EVENTS 1. On August 30, 2002, the Registrant issued a press release (the "Press Release") announcing that (i) it has signed a definitive purchase agreement with Resilience Capital Partners LLC for the purchase of assets associated with the Registrant's electrode and graphite specialty business units, and (ii) the terms of the Section 363 asset sale were filed with the United States Bankruptcy Court for the Western District of Pennsylvania (the "Bankruptcy Court") on August 30, 2002. A copy of the Press Release is attached as Exhibit 99.1 to this report and is incorporated herein by reference. 2. As previously disclosed under cover of a Current Report on Form 8-K, the Registrant and its subsidiaries filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court on September 21, 2001 in order to allow for an orderly consummation of the Registrant's proposed comprehensive financial restructuring. The Registrant is required to file Monthly Operating Reports with the Bankruptcy Court and the Office of the United States Trustee for the Western District of Pennsylvania (the "U.S. Trustee") pursuant to the U.S. Trustee's Operating Guidelines and Financial Reporting Requirements for Chapter 11 cases. In connection therewith, attached hereto as Exhibit 99.1 is the Monthly Operating Report (the "Report") that the Registrant has filed with the Bankruptcy Court and the U.S. Trustee for the period from July 1, 2002 through July 31, 2002. Certain attachments and exhibits referenced in the Report are not attached as part of Exhibit 99.2, but are available at the Office of the U.S. Trustee and the Bankruptcy Court. In addition, the Registrant agrees that it will furnish a copy of any such omitted attachment or exhibit to the Commission upon request. The Registrant cautions readers not to place undue reliance upon the information contained in the Report, which contains unaudited information, and is in a format, prescribed by the applicable bankruptcy laws. There can be no assurance that the Report is complete. The Report also contains information for periods which may be shorter or otherwise different from those contained in the Registrant's reports pursuant to the Securities Exchange Act of 1934, as amended. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (A) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED Not Applicable (B) PRO FORMA FINANCIAL INFORMATION Not Applicable (C) EXHIBIT NO. 99.1 Press Release Dated August 30, 2002 99.2 Monthly Operating Report to the U.S. Trustee and the Bankruptcy Court for the period from July 1, 2002 to July 31, 2002 - 2 - 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. THE CARBIDE/GRAPHITE GROUP, INC. By: /s/ Walter B. Fowler ------------------------------ Walter B. Fowler - Chief Executive Officer Dated: September 4, 2002 - 3 - EXHIBIT INDEX EXHIBIT NO. DESCRIPTION ------- ----------- 99.1 Press Release Dated August 30, 2002 99.2 Monthly Operating Report Dated August 30, 2002 - 4 - EX-99.1 3 j9616001exv99w1.txt PRESS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE THE CARBIDE/GRAPHITE GROUP, INC. ENTERS INTO A DEFINITIVE PURCHASE AGREEMENT WITH RESILIENCE CAPITAL PARTNERS FOR THE ASSETS ASSOCIATED WITH C/G'S ELECTRODE AND GRAPHITE SPECIALTY BUSINESS UNIT Pittsburgh, Pennsylvania - August 30, 2002 - The Carbide/Graphite Group, Inc. ("C/G") today announced that as part of its efforts to emerge from Chapter 11 Bankruptcy, it has signed a definitive purchase agreement with Resilience Capital Partners LLC for the assets associated with C/G's electrode and graphite specialty business unit. The terms of the Section 363 asset sale were filed with the Western District of Pennsylvania Bankruptcy Court on August 30, 2002. Resilience Capital Partners LLC, based in Cleveland, Ohio, is an investment fund focused on restructurings and special situations and will continue to operate the electrode business in St. Marys, PA and Niagara Falls, NY, and maintain a business unit headquarters in Pittsburgh, PA. In order to facilitate the asset sale, WARN Act notices were sent to all required parties sixty days prior to the expected transaction completion date of October 31, 2002. Walter B. Fowler, C/G's CEO, commented "C/G is operating comfortably within the DIP financing provided by our Bank Group and we are pleased to have the Resilience organization supporting our electrode and graphite specialty business as we restructure and exit the Chapter 11 process. Many significant positive achievements have occurred both from a quality and cost perspective with the electrode business over the past year which were critical to making the transaction work. We are very grateful to the employees who were part of those efforts and achievements. We are continuing to pursue restructuring possibilities for our needle coke and carbide businesses." Note: This release contains forward-looking statements that are based on current expectations, estimates and projections about the industries in which the Company operates, management's beliefs and assumptions made by management. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbor created thereby. These statements are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that such statements will prove to be accurate. Other risks and uncertainties are detailed in the Company's periodic filings with the Securities and Exchange Commission. The Company does not undertake to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. EX-99.2 4 j9616001exv99w2.txt MONTHLY OPERATING REPORT Exhibit 99.2 UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF PENNSYLVANIA In re: Carbide Graphite Group, Inc., et al. - -------------------------------------------- Debtors Case Numbers: 01-0029744 through 01-00297448 MBM Reporting Period: July 1 to July 31, 2002 MONTHLY OPERATING REPORT
- ---------------------------------------------------------------------------------------------------------------------------------- DOCUMENT EXPLANATION REQUIRED DOCUMENTS FORM NO. ATTACHED ATTACHED - ---------------------------------------------------------------------------------------------------------------------------------- Schedule of Cash Receipts and Disbursements MOR-1 X - ---------------------------------------------------------------------------------------------------------------------------------- Bank Reconciliation (or copies of debtor's bank reconciliation) MOR-1 (CON'T) X - ---------------------------------------------------------------------------------------------------------------------------------- Copies of bank statements X - ---------------------------------------------------------------------------------------------------------------------------------- Cash disbursements journal X - ---------------------------------------------------------------------------------------------------------------------------------- Statement of Operations MOR-2 X - ---------------------------------------------------------------------------------------------------------------------------------- Balance Sheet MOR-3 X - ---------------------------------------------------------------------------------------------------------------------------------- Status of Postpetition Taxes MOR-4 X - ---------------------------------------------------------------------------------------------------------------------------------- Copies of IRS Form 6123 or payment receipt X - ---------------------------------------------------------------------------------------------------------------------------------- Copies of tax returns filed during reporting period X - ---------------------------------------------------------------------------------------------------------------------------------- Summary of Unpaid Postpetition Debts MOR-5 X - ---------------------------------------------------------------------------------------------------------------------------------- Listing of aged accounts payable X - ---------------------------------------------------------------------------------------------------------------------------------- Accounts Receivable Reconciliation and Aging MOR-5 X - ---------------------------------------------------------------------------------------------------------------------------------- Debtor Questionnaire MOR-6 X - ----------------------------------------------------------------------------------------------------------------------------------
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. /s/ William M. Thalman 30-Aug-02 - ------------------------------------------- ---------------- Signature of Debtor Date Willian M. Thalman VP-Treasurer - ------------------------------------------- ---------------- Printed Name of Debtor Title CARBIDE/GRAPHITE GROUP, INC. MOR-1 A schedule of cash receipts and disbursements was completed and is available by request Bank reconciliations were performed and are available by request Bank statements are available by request The cash disbursements by legal entity are listed below DISBURSEMENTS BY LEGAL ENTITY JULY-02 - ---------------------------------------------------- ----------- LEGAL ENTITY The Carbide/Graphite Group, Inc. $ 7,248,985 Seadrift Coke, L.P. $ 3,949,484 Carbon/Graphite International, Inc. (FSC) < $15,000 CG Specialty Products Management Corporation < $15,000 Carbide/Graphite Management Corporation < $15,000 CARBIDE/GRAPHITE GROUP, INC. MOR-2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE MONTH ENDED JULY 31, 2002 (#'S IN '000S) Sales $ 10,344 Cost of goods sold 10,931 ---------- Gross profit (587) SG&A 707 ---------- Operating income before items below (1,294) Other compensation - Other (income) expense, net 176 ---------- Operating income/(loss) (1,470) Non-operating expenses (income): Special financing costs - Interest expense 937 Other non-operating (income)/expense - ---------- Income/(loss) before income taxes (2,407) Provision for income taxes (58) ---------- Net income (loss) from continuing operations (2,349) Extraordinary loss on early extinguishment of debt net of tax benefit - ---------- Net income (loss) $ (2,349) ========== Est. earnings per share data: Income excluding other items $ (0.27) Income before discontinued operations $ (0.28) Extraordinary loss $ - ---------- Net income per share $ (0.28) Weighted average shares 8,331,342 CARBIDE/GRAPHITE GROUP, INC. MOR-3 CONSOLIDATED BALANCE SHEET AS AT JULY 31, 2002 (#'S IN '000S) ASSETS Current assets: Cash & short term investments $ 1,048 Marketable securities 0 Accounts receivable Accounts receivable 30,127 Allowance for doubtful accts (3,480) ---------- Net accounts receivable 26,647 Inventory Gross inventory 61,858 Obsolescence reserve (671) Lifo reserve (14,919) ---------- Net inventory 46,268 Prepaid expenses 3,122 Other current assets 3,505 Deferred tax asset 0 ---------- Total current assets 80,590 Fixed assets: Gross 351,052 Accumulated depreciation (243,646) ---------- Net fixed assets 107,406 Other assets 6,277 ---------- TOTAL ASSETS $ 194,273 ========== LIABILITIES Current liabilities: Trade accounts payable $ 24,959 Overdrafts 0 Other current liabilities 38,653 Debt - Current 135,567 ---------- Total current liabilities 199,179 Long-term debt: Senior notes 0 Line of credit 0 ---------- Total long -term debt 0 Long term reserves 15,569 Deferred revenue 1,069 Deferred tax provision 0 ---------- TOTAL LIABILITIES 215,817 SHAREHOLDERS' EQUITY Common stock 99 Additional paid in capital 36,712 Treasury stock, at cost (11,207) Common stock to be issued under warrants 3,424 Unfunded pension obligation (4,893) Other comprehensive income 0 Retained earnings (45,679) ---------- TOTAL SHAREHOLDERS' EQUITY (21,544) ---------- TOTAL LIABILITIES AND S.H. EQUITY $ 194,273 ========== THE CARBIDE/GRAPHITE GROUP INC. DEBTOR CASE # 01-29744-MBM STATUS OF POSTPETITION TAXES REPORT PERIOD - JULY 2002
Beginning Amount Ending Tax Withheld or Amount Date Check No. Tax Liability Accrued Paid Paid or EFT Liability ---------------------------------------------------------------------------------------------------- FEDERAL Withholding 0.00 339,120.62 36,739.76 7/9/2002 ** 0.00 73,266.54 7/12/2002 ** 58,692.88 7/16/2002 ** 38,180.83 7/23/2002 ** 70,794.77 7/26/2002 ** 61,445.84 8/1/2002 ** FICA - Employee 0.00 186,762.95 21,256.73 37446 ** 0.00 41,644.96 7/12/2002 ** 30,347.27 7/16/2002 ** 21,786.17 7/23/2002 ** 41,529.87 7/26/2002 ** 30,197.95 8/1/2002 ** FICA - Employer 0.00 189,393.85 21,455.12 7/9/2002 ** 0.00 41,930.69 37449 ** 30,347.30 7/16/2002 ** 21,935.03 7/23/2002 ** 43,527.79 7/26/2002 ** 30,197.92 8/1/2002 ** Unemployment 1,563.55 343.46 1,563.55 6/30/2002 ** 343.46 Income 0.00 0.00 0.00 Other: Total Federal Taxes 1,563.55 715,620.88 716,840.97 343.46 State and Local Withholding (0.63) 102,792.45 102,520.77 See Attached 271.05 (1) SALES 0.00 19,732.72 6,333.23 37455 306719 0.00 5,442.22 EFT 78301/95895 7,957.27 37449 503761 Excise 0.00 0.00 0.00 0.00 Unemployment 18,702.99 4,383.08 18703 See Attached 4,383.07 (2) Real Property 0.00 0.00 Personal Property 0.00 0.00 Other: Total State and Local Taxes 18,702.36 126,908.25 122,253.49 4,654.12 Total Taxes 20,265.91 842,529.13 839,094.46 4,997.58 ** ADP Statement of Deposits Attached
(1) SIT Due MISS 271.05 (2) SUI Due KY 1235.98 NY 477.98 NC 0 PA 2,669.12 --------- 4,383.08 SEADRIFT COKE L.P. DEBTOR CASE # 01-29744-MBM STATUS OF POSTPETITION TAXES REPORT PERIOD - JULY 2002
Beginning Amount Ending Tax Withheld or Amount Check No. Tax Liability Accrued Paid or EFT Liability --------------------------------------------------------------------------------------------- FEDERAL Withholding - 55,452.52 28,551.80 7/9/2002 ** (0.00) 26,900.72 7/23/2002 ** - FICA - Employee - 32,689.63 16,676.14 7/9/2002 ** 0.00 16,013.49 7/23/2002 ** - FICA - Employer 0.01 32,689.55 16,676.14 7/9/2002 ** 0.01 16,013.41 7/23/2002 ** - Unemployment 2.74 - 2.74 6/30/2002 ** - Income - Other: Total Federal Taxes 2.75 120,831.70 120,834.44 0.01 STATE AND LOCAL Withholding - - Sales - 2,421.13 2,421.13 7/17/2002 42336 - Excise - - Unemployment 170.86 - 170.86 6/30/2002 ** - Real Property - - Personal Property - - Other: - - Total State and Local Taxes 170.86 2,421.13 2,591.99 - Total Taxes 173.61 123,252.83 123,426.43 0.01 ** ADP Statement of Deposits Attached
MOR-5 THE CARBIDE/GRAPHITE GROUP, INC. CONSOLIDATED ACCOUNTS PAYABLE AGING JULY 31, 2002
TOTAL 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS PRE-PETITION - -------------------------------------------------------------------------------------------------------------------------------- $ 26,085,625 $ 2,256,558 $ 119,370 $ 1,532,309 $ 1,415,296 $ 20,762,092 - --------------------------------------------------------------------------------------------------------------------------------
A summary of unpaid post petition debts has been completed and is available upon request THE CARBIDE/GRAPHITE GROUP, INC. CONSOLIDATED ACCOUNTS RECEIVABLE AGING JULY 31, 2002
0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS OVER 120 DAYS TOTAL OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING OUTSTANDING - -------------------------------------------------------------------------------------------------------------------------------- $ 24,566,224 $ 11,629,601 $ 6,587,493 $ 3,193,734 $ 1,076,239 $ 2,079,157 - --------------------------------------------------------------------------------------------------------------------------------
An accounts receivable reconciliation has been completed and is available upon request. THE CARBIDE/GRAPHITE GROUP, INC. MOR-6 DEBTOR QESTIONNAIRE JULY 31, 2002
- ---------------------------------------------------------------------------------------------------------- Yes No - ---------------------------------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide and explanation below. X - ---------------------------------------------------------------------------------------------------------- 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide and explanation below. X - ---------------------------------------------------------------------------------------------------------- 3. Have all postpetition tax returns been timely filed? If no, provide and explanation below. X - ---------------------------------------------------------------------------------------------------------- 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X - ----------------------------------------------------------------------------------------------------------
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