Stelco stay period extended to Dec. 12

By Caroline Salls

Pittsburgh, Dec. 6 - Stelco Inc. was granted an extension to Dec. 12 of the stay period under its court-supervised restructuring Tuesday, according to a company news release.

The Ontario Superior Court of Justice also directed that the previously adjourned meetings of affected creditors will resume on Dec. 9 for creditors to vote on the company's restructuring plan.

"We'll do everything we can to achieve an agreement among stakeholder groups by the time of Friday's vote," president and chief executive officer Courtney Pratt said in the release.

"We believe that a creditor-supported plan receiving a positive vote is much better for all concerned than the alternatives if the plan is defeated."

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

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