Stelco stay period extended

New York, Feb. 10 - Stelco Inc. said its stay under the Companies' Creditors Arrangement Act was extended to April 29 from Feb. 11.

The company said the extension will allow it to continue negotiations with stakeholders, complete its capital raising and asset sale process, complete the claims procedure and develop a plan of arrangement or compromise.

The Hamilton, Ont.-based steel company filed for bankruptcy on Jan. 29, 2004. Its case number is 04-54306.

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