Stelco stay extended to Sept. 9, to file plan outline Friday

By Caroline Salls

Pittsburgh, July 12 - Stelco Inc. is seeking an extension of the stay period in its court-supervised restructuring to Sept. 9 from July 18, according to a company news release.

Stelco also said in the release that it will file a restructuring plan outline Friday that will reflect the company's discussions with stakeholders during the past 17 months.

The plan will also attempt to balance the interests of those stakeholders "in a fair, reasonable and responsible manner, enabling Stelco to emerge as a viable company over the long term," the company said in the release.

Stelco said it will file a formal restructuring plan and seek a further stay extension and a meeting order by Sept. 9.

The meeting order would approve the procedures for conducting a meeting of affected creditors to vote on the plan, according to the release.

The Hamilton, Ont., steelmaker filed for bankruptcy on Jan. 29, 2004 in the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.