Court Okays Stelco Agreements, Creditor Meetings
10/05/2005 -
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Court Okays Stelco
Agreements,
Creditor Meetings
Oct. 5, 2005 — The Court has issued its decision regarding Orders sought by Stelco at a hearing held on Monday, Oct. 3, 2005. As a result, the Court has, among other things, authorized Stelco to enter into the previously announced agreements with the Province of Ontario, Tricap Management Limited and the USW.
The Court also authorized Stelco to hold creditor meetings on November
15, 2005 to consider and vote on a restructuring plan. Additionally, in
order to accommodate the creditors' meetings and a sanction hearing, the
Court has also extended the stay period until December 5, 2005.
Courtney Pratt, Stelco President and CEO, said, "This is positive
news for the company, for our stakeholders and for the process itself.
Our focus now turns to working with creditors in search of a deal they
can support while retaining the support of the other stakeholders who
are onside. We'll do everything we can to achieve an outcome that all
parties can support."
Stelco Inc. is a large, diversified steel producer involved in major segments of the steel industry through its integrated steel business, minimills, and manufactured products businesses.
