Slater Steel obtains extensions to DIP, Companies' Creditors Arrangement Act protection

By Carlise Newman

Chicago, Dec. 1- Slater Steel Inc. has entered into an agreement with its lenders to amend its debtor-in-possession financing facility, providing an extension to Dec. 12 from Dec. 1.

In addition, Slater said that the Ontario Superior Court of Justice extended the court protection period granted to the company under the Companies' Creditors Arrangement Act from to Jan. 30 from Nov. 28.

The company is currently in discussions with the DIP lenders for a further extension of the DIP facility, according to a news release. The facility is to be reduced by $10 million to $20 million, and after Dec. 8 will be further reduced by $5 million to $15 million.

The amendment to the DIP was based on the company's forecast of cash requirements through the period ended Dec.12.

Slater is a specialty steel producer in Mississauga, Ont.

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