Mitt Romney's Former Investment Firm Wants to Buy a Steel Mill
07/27/2016 - Bain Capital, the investment firm that was founded by former Republican presidential nominee Mitt Romney, is part of a consortium of lenders looking to acquire Canada’s Essar Steel Algoma, reports the online SooToday.com
The publication said some of the identities of the term lenders in the consortium were disclosed in a sworn affidavit filed as part of its ongoing creditor protection case. Essar Algoma has been on the sales block since February, when it initiated a search for a buyer.
In June, it announced that it had reached a deal with a group made up of New York-based KPS Capital Partners and its term lenders. KPS later backed out, but the term lenders said they would try to rescue the deal.
SooToday reported that under the initial agreement, the lenders would have held a 29 percent stake in the business, which they could have increased by an additional 11 percent.
The publication has the full story here.
In June, it announced that it had reached a deal with a group made up of New York-based KPS Capital Partners and its term lenders. KPS later backed out, but the term lenders said they would try to rescue the deal.
SooToday reported that under the initial agreement, the lenders would have held a 29 percent stake in the business, which they could have increased by an additional 11 percent.
The publication has the full story here.
