CCAA Extends Ivaco Protection Until May 21, 2004
03/25/2004 -
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CCAA Extends Ivaco
Protection
Until May 21, 2004
March 25, 2004 — The Ontario Superior Court of Justice has extended Ivaco’s period of Court protection under the Companies' Creditors Arrangement Act (CCAA) until May 21, 2004.
As part of the restructuring process, Ivaco and its subsidiaries are pursuing a dual-track process under which they evaluate both stand-alone restructuring alternatives and potential sales of major portions of their assets. The Court has also approved a process under which such sales shall be conducted.
Ivaco Inc. and certain of its affiliates filed for protection from creditors under the CCAA on September 16, 2003, citing the adverse impact on its business of difficult market conditions for the entire North American steel industry, including the high Canadian dollar, higher scrap, labor, energy and transportation costs and U.S. anti-dumping duty deposits.
Ivaco is a Canadian corporation and is a leading North American producer of steel, fabricated steel products and precision machined components. Ivaco's modern steel operations include Canada's largest rod mill, which has a rated production capacity of 900,000 tons of wire rods per annum. Ivaco's fabricated steel products operations have a rated production capacity in the area of 350,000 tons per annum of wire, wire products and processed rod, and over 175,000 tons per annum of fastener products.
