Stelco adjourns plan vote meeting to Wednesday to continue negotiations

By Caroline Salls

Pittsburgh, Nov. 22 - Stelco Inc. said the meeting of its creditors to consider and vote on a restructuring plan has been adjourned until Wednesday so that intensive negotiations among stakeholders can continue and a plan can be filed before the vote, according to a company news release.

The meetings of creditors of Stelco's subsidiaries were also adjourned to the same date.

"We had hoped to achieve greater progress towards a consensual plan during the around-the-clock negotiations that have occurred in recent days. The number of stakeholder groups and issues, however, has prevented us from reaching an agreement," president and chief executive officer Courtney Pratt said in the release.

"It's time to place a plan before affected creditors and to conduct the vote. While a consensus has yet to be reached, it can still be achieved. A consensual plan remains our goal. If necessary, however, we must and will take action in the interests of all stakeholders, the company and the process."

If a plan with sufficient stakeholder support has not been developed by Friday, the court will hear motions on alternative processes or procedures, the release said.

Stelco, a Hamilton, Ont.-based steel company, filed for bankruptcy in the Ontario Superior Court of Justice under the Companies Creditors' Arrangement Act on Jan. 29, 2004.

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