Magnetation gets two-month extension of exclusivity periods

By Mark Reccek

Bethlehem, Pa., Aug. 19 – Magnetation LLC received court approval to extend its exclusive periods for filing and soliciting votes for its Chapter 11 plan, according to an order issued Wednesday with the U.S. Bankruptcy Court for the District of Minnesota.

The company’s exclusive filing period has been extended through Nov. 1 from Sept. 2 and its solicitation period extended through Dec. 31 from Nov. 1.

As previously reported, the company said the extensions will allow it to negotiate with AK Steel Corp., refine its business model, further implement restructuring initiatives, complete analysis of its contracts and leases and develop support for a reorganization plan.

Magnetation, a joint venture between Magnetation, Inc. and AK Steel Corp., recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. It is based in Grand Rapids, Minn., and filed for bankruptcy on May 5 under Chapter 11 case number 15-50307.

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