WCI Steel gets approval on DIP amendment

By Jeff Pines

Washington, Aug. 31 - The U.S. Bankruptcy Court for the Northern District of Ohio approved WCI Steel Inc.'s request for a seventh amendment to its debtor-in-possession financing agreement with Congress Financial Corp.

The approval was filed Monday.

The amendment increases WCI Steel's ceiling on capital expenditures to $21 million from $8 million.

The company said it needs the amendment because of the cost of relining its blast furnace, which is estimated to cost $15.3 million. The work is ongoing and without the amendment WCI Steel would be in violation of its DIP, the company said in paperwork previously filed with the court.

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

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