WCI gets mediator to resolve competing plan of reorganization issues

By Caroline Salls

Pittsburgh, Sept. 23 - WCI Steel, Inc., its official committee of unsecured creditors, the United Steelworkers of America, the company's secured noteholders, its parent The Renco Group, Inc. and the Pension Benefit Guaranty Corp. have agreed to the appointment of a mediator in WCI's Chapter 11 case, according to a Friday filing with the U.S. Bankruptcy Court for the Northern District of Ohio.

WCI and a committee of its 10% series A and B senior secured notes due 2004 have each filed a plan of reorganization in WCI's case.

Denis F. Cronin will act as mediator for the period from Sept. 13 to Sept. 30, according to the agreement.

Cronin will assist the parties in forming a consensus on treatment of creditors and equityholders under a plan of reorganization that can be supported by all parties, or, if a consensus cannot be reached, Cronin will help the parties identify areas of agreement and reach consensus on information to be provided to the court for soliciting votes on competing plans.

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

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