Essar Steel closes phase two of sale/investment solicitation process

By Caroline Salls

Pittsburgh, May 31 – Essar Steel Algoma Inc. has closed the second phase of its sale and investment solicitation process, according to a company news release.

Essar said it is working, in consultation with its chief restructuring adviser, its financial advisers and the court-appointed monitor for its Companies’ Creditors Arrangement Act case, “to advance the process toward a successful transaction.”

The company said it will begin talks with the necessary stakeholders in an effort to complete the process before Aug. 31.

As previously reported, the company launched the sale and investment solicitation process on Feb. 11.

Essar Steel Algoma is based in Sault Ste. Marie, Ont., and manufactures hot and cold rolled steel products. The company filed for bankruptcy on Nov. 9, 2015 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 15 case number 15-12271.

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