Although the steelmaker has narrowed the list of bidders to two, it has begun “evaluating other potential restructuring alternatives, including a potential replacement (debtor-in-possession financing plan) and a stand-alone restructuring plan,” according to the newspaper.

Essar disclosed its intentions in a court filing, but did not explain why it is considering alternatives, the newspaper said.

“All restructuring options remain under consideration,” a company spokeswoman told The Globe and Mail on Tuesday.

Citing unnamed sources, The Globe and Mail said the two bidders are an American private equity firm and the group of lenders that provided the company’s original debtor-in-possession financing.

The Globe and Mail has the full story here.