LB Steel plan of liquidation accepted by majority of voting creditors

By Caroline Salls

Pittsburgh, Oct. 4 – LB Steel LLC’s plan of liquidation was accepted by a majority of voting creditors, according to a ballot report filed Friday with the U.S. Bankruptcy Court for the Northern District of Illinois.

The plan was accepted by the one holder of $24.13 million in Walsh claims.

In addition, 30 holders of $1.98 million in general unsecured claims voted to accept the plan, while one holder of $112,581 of those claims voted to reject it.

LB Steel is a Harvey, Ill.-based producer of strip plate mills. The company filed bankruptcy on Oct. 18, 2015 under Chapter 11 case number 15-35358.

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