Bankruptcy & Restructuring
Reorganizations of companies; their operations and personnel; and their debts.
Latest News
British Steel Collapses Amid Brexit Uncertainty
22 May 2019 - The U.K.’s second-largest steel producer has been thrust into liquidation after it failed to secure a government lifeline.
Algoma Exits Creditor Protection, Sets CA$300M Reinvestment Plan
06 December 2018 - Canadian steelmaker Algoma Steel Inc. has emerged from creditor protection as an independent entity, ending three years of uncertainty about its future.
Algoma Sees Exit From Creditor Protection Ahead
15 November 2018 - Canadian steelmaker Algoma is looking to exit creditor protection by 30 November and begin life anew as a standalone steelmaker, reports The Sault Star newspaper.
In Surprise Move, Essar Steel Promoters Offer to Repay Lenders and Halt Bankruptcy Sale
25 October 2018 - India’s Ruia family, which promotes Essar Steel India Ltd., have made a last-ditch effort to reclaim the bankrupt business, offering to pay off the equivalent of US$7.4 billion, just as creditors were to vote on a bid from ArcelorMittal.
ArcelorMittal Raises Offer for India’s Essar Steel
12 September 2018 - ArcelorMittal has put a new offer on the table for Essar Steel India Ltd., bidding the equivalent of US$5.8 billion for the bankrupt steelmaker, according to media reports.
Algoma Moves To End Creditor Protection
06 August 2018 - After operating under creditor protection for more than two and a half years, Canada’s Algoma might be set to emerge under new ownership.
20% of India's Steel Capacity Is Up for Grabs
17 May 2018 - Acquisitive steelmakers are offering to pay the equivalent of US$14 billion for one-fifth of India’s steelmaking capacity, reports the online publication Quartz.
Algoma, United Steelworkers Come to Terms on Tentative Labor Agreement
16 May 2018 - Canadian steelmaker Algoma has reached a tentative labor agreement with unionized workers, possibly clearing one of the last hurdles before its exit from creditor protection, reports The Salut Star newspaper in Ontario.
Electrosteel Acquisition Wins Tribunal Approval
17 April 2018 - Indian officials have approved ore miner Vedanta Resources' offer to acquire Electrosteel Steels Ltd., becoming the first of 12 companies forced into insolvency by India’s central bank to reach this stage.
Union Remains Hopeful for Deal to Save Hamilton Specialty Bar
29 March 2018 - Even as Canadian SBQ manufacturer Hamilton Specialty Bar (2007) Inc. faces liquidation, talks are continuing with a potential buyer who intends to continue operating the business, and the United Steelworkers union remains optimistic that a deal can be struck, reports Canadian news radio station AM900 CHML.
Deadline to Save Canadian Bar Maker Passes Without an Offer
27 March 2018 - Canadian SBQ maker Hamilton Specialty Bar (2007) Inc. is to be liquidated after a would-be buyer failed to finalize an offer for the business.
Essar Steel Creditors Call for Redo on Bidding
22 March 2018 - Essar Steel Ltd.’s creditors committee has rejected offers from both ArcelorMittal and an entity led by a Russian bank on grounds that both were ineligible to bid under Indian insolvency rules, according to reports.
Deadline for Hamilton Specialty Bar Sale Draws Near
22 March 2018 - An investment firm is scrambling to finalize a bid for insolvent SBQ maker Hamilton Specialty Bar in Canada before a deadline Monday.
Bhushan Steel Creditors Select Offer for Company
08 March 2018 - Tata Steel Ltd.’s bid for a controlling stake in Indian cold-rolled producer Bhushan Steel has been selected as the prevailing offer, Tata said on Wednesday.
ArcelorMittal Tag-Teams With Japanese Steelmaker on Essar Bid
02 March 2018 - ArcelorMittal is partnering with Nippon Steel & Sumitomo Metal Corp. (NSSMC) to acquire Essar Steel India Ltd., the steelmaker said on Friday.
ArcelorMittal Executive: Our Offer for Essar Steel Is 'Very Competitive'
27 February 2018 - ArcelorMittal, one of the two companies vying for Essar Steel, is confident that it can turn around the distressed steelmaker, Brian Aranha, executive vice president and global strategy head, tells the (India) Economic Times in an interview.
Three Vying for Ownership of Bhushan Steel
20 February 2018 - Officials overseeing Bhushan Steel Ltd.’s insolvency process have begun weighing offers for the Indian cold-rolled producer, according to the Press Trust of India.
Essar Steel Attracts Offer from World's Leading Steel Producer
12 February 2018 - ArcelorMittal has laid an offer on the table for distressed flat-rolled producer Essar Steel India, the company disclosed on Monday.
Swiss Steelmaker Makes Prevailing Offer for Troubled French Company
29 January 2018 - A Swiss specialty long steel manufacturer has been named the preferred bidder for France’s Ascometal, according to the Reuters news service.
Report: Steel Giants Team Up in Bid for Indian Manufacturer
29 January 2018 - Nippon Steel & Sumitomo Metal Corp. and ArcelorMittal are going in together on a bid for India’s Essar Steel, reports The (India) Economic Times.
