Essar Steel Algoma secures U.S. court recognition of CCAA proceedings

By Caroline Salls

Pittsburgh, Dec. 1 – Essar Steel Algoma Inc.’s Companies’ Creditors Arrangement Act case was recognized Tuesday by the U.S. Bankruptcy Court for the District of Delaware.

Tuesday’s order also granted the Chapter 15 bankruptcy petitions of each of the Essar Steel Algoma debtors.

In addition, the CCAA initial order authorizing the company to obtain debtor-in-possession financing and staying any actions against Essar or its assets was enforced by the U.S. court.

Essar Steel Algoma is based in Sault Ste. Marie, Ont., and manufactures hot and cold rolled steel products. The company filed bankruptcy on Nov. 9 under Chapter 15 case number 15-12271.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.