Stelco granted court OK of terms and conditions for issuance, exchange of new securities, cash

By Caroline Salls

Pittsburgh, March 28 - Stelco Inc. obtained court approval of the terms and conditions of the issuance and exchange of new securities and cash under its restructuring plan, according to a company news release.

The new securities include new shared floating-rate notes, new common shares, new warrants and cash.

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

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