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Essar Minnesota Lists US$1.1B in Liabilities
08/24/2016 - Essar Steel Minnesota owes US$1.1 billion, more than five times the value of its reported assets, reports the Mesabi Daily News newspaper.
In financial disclosures made as part of its Essar Minnesota’s bankruptcy case, it lists three banks – the Central Bank of India, ICICI Bank Ltd. and U.S. Bank – as its largest creditors. The banks are collectively owed US$1.09 billion, according to the Daily News.
Essar Minnesota, which was opening the first new taconite mine and pellet plant on Minnesota’s Iron Range in years, filed for bankruptcy after the state of Minnesota moved to terminate the company’s public mineral leases.
The Daily News has a closer look at the filings here.
Essar Minnesota, which was opening the first new taconite mine and pellet plant on Minnesota’s Iron Range in years, filed for bankruptcy after the state of Minnesota moved to terminate the company’s public mineral leases.
The Daily News has a closer look at the filings here.
