Stelco to seek extension of stay in bankruptcy case

New York, Sept. 17 - Stelco Inc. said it will ask for an extension in the stay period in its proceedings under the Companies' Creditors Arrangement Act to Nov. 26 from the current Sept. 30.

The Hamilton, Ont., steelmaker said it needs the extra time to continue negotiations with stakeholders to develop a plan of arrangement. In addition, Stelco will use the time to develop a process for raising capital to address its debts and obligations, as well as to fund its essential capital expenditure program.

The extension will be considered at a court hearing on Sept. 24.

Stelco filed for bankruptcy protection on Jan. 29, 2004.

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