LB Steel asks court to push auction and sale hearing back three weeks

By Caroline Salls

Pittsburgh, Dec. 31 – LB Steel, LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois to reschedule the auction and hearing for the sale of the company’s assets, according to a motion filed Dec. 30.

LB Steel said parties interested in the assets being sold have requested additional time for their evaluation of the assets and submission of bids.

As a result, the company said a three-week extension of the auction and sale is necessary.

Under the proposed amended timeline, the bid deadline would be 1 p.m. ET on Feb. 4, the auction would be held on Feb. 9, and the sale hearing would be held on Feb. 10.

A hearing on the rescheduling motion is set for Jan. 5.

LB Steel is a Harvey, Ill.-based producer of strip plate mills. The company filed bankruptcy on Oct. 18 under Chapter 11 case number 15-35358.

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