According to the online Sootoday.com, the steelmaker is asking an Ontario court to approve a fourth extension of its financing, allowing for more time to reach a restructuring agreement.  

Essar Algoma has been operating under creditor protection since November 2015. A consortium made up of its term lenders is looking to acquire the business, but a hurdle yet to be cleared is a new collective bargaining agreement with the United Steelworkers union. 

“The consenting creditors’ negotiations with the various governmental entities have been constructive and are advancing. However, negotiations with the unions have been difficult and progress has been slow,” the company wrote in a court filing, according to the website. 

“…The fourth DIP amendment provides the necessary runway for Algoma, the consenting creditors and Algoma’s other stakeholders, including the unions, to engage in constructive, meaningful negotiations to achieve the settlements that are necessary to implement the recapitalization transaction," it said. 

You can read the full story here.