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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): December 3, 1997
CONSOLIDATED STAINLESS, INC.
_____________________________________________________________
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 59-1669166
_______________________________ ______________________
(STATE OR OTHER JURISDICTION OF (IRS EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NUMBER)
1601 EAST AMELIA STREET
ORLANDO, FLORIDA 32803
_____________________________________________________________
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
CONSOLIDATED STAINLESS, INC.
_____________________________________________
(FULL TITLE OF THE PLAN)
___________________
RONALD J. ADAMS
PRESIDENT
CONSOLIDATED STAINLESS, INC.
1601 EAST AMELIA STREET
ORLANDO, FLORIDA 32803
___________________________________________________
(NAME AND ADDRESS OF AGENT FOR SERVICE)
(407) 896-4000
___________________________________________________
(TELEPHONE NUMBER, INCLUDING AREA CODE, OF AGENT FOR SERVICE)
COPY TO:
Peter W. Rothberg, Esq.
Greenberg Traurig Hoffman
Lipoff Rosen & Quentel
153 East 53rd Street
New York, New York 10022
(212) 801-9200
___________________________________________________
(Former name or former address, if changed since last report)
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ITEM 5 - OTHER EVENTS.
The Company was notified by letter dated December 3, 1997 from counsel to
Mellon Bank, N.A. (the "Bank") that the Company is currently in default under a
certain loan and security agreement executed by and between the Company and the
Bank on March 10, 1997, as amended (the "Agreement"). Accordingly, the Bank may
exercise its rights and remedies under such Agreement at any time without notice
to the Company, including but not limited to, an immediate termination of the
line of credit provided by the Bank, the cessation of any future advances under
the line of credit, acceleration of all indebtedness due under the Agreement and
foreclosure and taking possession of substantially all of the Company's assets.
In addition, the Company has received notices of defaults under various
other credit and security agreements.
ITEM 7 - FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) FINANCIAL STATEMENTS
Not applicable.
(b) PRO FORMA FINANCIAL STATEMENTS
Not applicable.
(c) EXHIBITS.
Not applicable.
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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 hereto duly authorized.
CONSOLIDATED STAINLESS, INC.
(Registrant)
Dated: December 5, 1997 By: /s/ Burton Chasnov
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Burton Chasnov
Chief Financial Officer
