Stelco granted stay extension in court-supervised restructuring

By Caroline Salls

Pittsburgh, Dec. 5 - Stelco Inc. was granted a one-day extension to the stay period under its Ontario Superior Court of Justice-supervised restructuring Monday, with the court expected to rule on a further extension Tuesday, according to a company news release.

The stay period was extended to Tuesday from Monday.

In making its order, the release said the court urged the parties to Stelco's restructuring to make the best use of the time provided by this brief extension.

The court said it will also deal at Tuesday's hearing with the matter of a vote of affected creditors on a restructuring plan.

Stelco filed a revised restructuring plan Monday, and if the stay period is extended to Dec. 12, affected creditors will be asked to vote on the amended plan at the meetings to be resumed on Friday.

"This extension will focus everyone's attention on trying to reach an agreement," president and chief executive officer Courtney Pratt said in the release.

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

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