Stelco restructuring stay period extended to Jan. 31

By Caroline Salls

Pittsburgh, Dec. 12 - Stelco Inc. was granted an extension to Jan. 31 of the stay period under its Ontario Superior Court of Justice-supervised restructuring, according to a company news release.

"This extension provides us with the time to seek the court's approval of the plan that was accepted by affected creditors on Friday," president and chief executive officer Courtney Pratt said in the release.

"If that approval is granted, we can then begin the process of emerging from court protection."

The court's sanction hearing to consider the plan is scheduled for Jan. 17.

The court also approved the previously announced sale of Norambar Inc., Stelfil Ltée. and Stelwire Ltd. to Mittal Canada Inc.

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

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