WCI Steel's disclosure statement gets objections from EPA

By Jeff Pines

Washington, June 1 - WCI Steel Corp.'s disclosure statement does not do enough to disclose the company's environmental responsibilities, the Environmental Protection Agency said.

The Justice Department on Tuesday filed an objection to the statement on behalf of the EPA with the U.S. Bankruptcy Court for the Northern District of Ohio.

The disclosure statement mentions a reserve to be established to fund the cost of complying with environmental regulations, but there is no mention of how much and whether it will be a cash asset.

Without this information, the United States cannot tell if the plan is in compliance, it said.

In addition, current and recent information on the company's performance, such as cash flow and income statements, are missing, too, the Justice Department said.

The Warren, Ohio-based steel company filed for bankruptcy on Sept. 16, 2003. Its Chapter 11 case number is 03-44662.

© 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.