Clear Thinking Group, LLC, and Joseph E. Myers, a partner and managing director, have been appointed liquidation trustee for Slater Steel, Inc. The appointment became effective with confirmation of the company's Chapter 11 Plan of Reorganization by the U.S. Bankruptcy Court, District of Delaware.

Under terms of the appointment agreement, staff from Clear Thinking Group's Creditors Rights Practice will assist the debtor in meeting obligations set forth in its Plan of Reorganization and Disclosure. As liquidation trustee, the firm will also administer the disbursement of funds contained in a liquidated assets trust from which Slater Steel will pay its administrative and general unsecured claims.

Mississauga, Ont.-based Slater and certain of its U.S. and Canadian subsidiaries filed for Chapter 11 bankruptcy protection under Section 304 of the U.S. Bankruptcy Code in June 2003. Slater's U.S. subsidiaries filed for creditor protection in Canada under that nation's Companies' Creditors Arrangement Act. Slater operations involved in the filing included Atlas Stainless Steels, Atlas Specialty Steels, Fort Wayne Specialty Alloys, Hamilton Specialty Bar, Sorel Forge, and Slater Lemont.

At the time of the filings, Slater officials noted that the moves to seek protection from creditors followed concerted efforts by management to restructure the business and focus on specialty steel production. The company said the general economic downturn had contributed to the filing, as had the rising cost of natural gas and electricity in Ontario, and the higher price of scrap steel, nickel and other components necessary in steel manufacture.

Headquartered in Hillsborough, NJ, Clear Thinking Group, LLC provides a wide range of strategic consulting services to retail companies, consumer product manufacturers/distributors and industrial companies. The national advisory organization specializes in assisting small- to mid-sized companies during times of growth, opportunity, strategic change, acquisition, and crisis.