Bankruptcy & Restructuring
Reorganizations of companies; their operations and personnel; and their debts.
Latest News
Stelco Seeks Court Approval for Sale
08 May 2017 - Canada’s Stelco could emerge from creditor protection and officially come under new ownership next month, reports The Hamilton Spectator newspaper.
New Ownership Taking Over Unfinished Minnesota Taconite Project
27 April 2017 - A Virginia billionaire and partners who include the United Kingdom’s Liberty House Group submitted the winning bid for the former Essar Steel Minnesota on Wednesday, offering to buy the half-finished taconite mine and pellet plant for US$550 million, reports the Minneapolis Star Tribune.
Stelco Sale Wins Support of Salaried Employees
20 April 2017 - A Canadian steelmaker said it now has handshake agreements with salaried employees and retirees on a proposed acquisition plan.
Two Look to Acquire Bankrupt Essar Steel Minnesota
11 April 2017 - Iron ore miner and an investor group are making competing bids for the former Essar Steel Minnesota, the half-built taconite mine and processing plant in Minnesota’s Iron Range, reports the Minneapolis Star Tribune newspaper.
Essar Algoma Wins Another Month Of Creditor Protection
31 March 2017 - A Canadian judge has extended Essar Steel Algoma’s protection from creditors for another month at the integrated steelmaker attempts to hammer out a new labor agreement with the United Steelworkers.
Ontario Court Receives Stelco Restructuring Plan
14 March 2017 - Stelco Inc. has submitted a reorganization plan that, if successful, would keep the business intact and preserve more than 2,100 jobs, it has announced.
Steelworkers Refuse Mediation in Labor Discussions with Essar Algoma
02 March 2017 - A court-appointed mediator has scheduled mediation sessions among the United Steelworkers union, Essar Steel Algoma and the lenders looking to acquire the Canadian steelmaker.
Essar Algoma CEO Blasts Parent Company's Request to Reopen Sales Process
03 February 2017 - Essar Steel Algoma chief executive Kalyan Ghosh issued a statement Friday criticizing his company’s corporate parent, calling it “opportunistic” for making another pass at the business during late-stage negotaions with a potential buyer.
Essar Minnesota Sues Parent for US$1 Billion and Hopes to Restart Project
13 January 2017 - The former Essar Steel Minnesota, which hopes to complete its half-finished taconite mine and pellet plant in Minnesota, has filed a lawsuit against parent Essar Global, alleging “a myriad of damaging actions” that helped starve it of cash, according to news reports.
Stelco Takes Another Step Toward Completing Restructuring
12 December 2016 - Canada’s Stelco Inc. said it will move ahead with plans to be sold to New York investment firm Bedrock Industries and will seek court approval for the deal.
Union Local Says It Will Get Behind U. S. Steel Canada Sale
23 November 2016 - A United Steelworkers union local said it will lend tentative support to a private investment firm’s bid to acquire U. S. Steel Canada, reports the CBC.
Judge: Essar Minnesota Can Keep Public Mineral Leases -- For Now
17 November 2016 - A federal judge has ruled that the state of Minnesota can’t yet rescind bankrupt Essar Steel Minnesota’s public mineral leases, which now will remain a part of the company’s bankruptcy case at least until February, reports the Duluth News Tribune.
U. S. Steel Keeps Electric Furnace Plans on the Burner, Hopes to Soon Finalize Stelco Sale
02 November 2016 - An electric arc furnace remains in the cards for United States Steel Corp. -- it’s only a matter of finding the right time and place to make the investment, the company’s chief executive said Wednesday.
U. S. Steel Keeps Electric Furnace Plans on the Burner, Hopes to Soon Finalize Stelco Sale
02 November 2016 - An electric arc furnace remains in the cards for United States Steel Corp. -- it’s only a matter of finding the right time and place to make the investment, the company’s chief executive said Wednesday.
U. S. Steel Records Q3 Profit, Reaches Agreeement on Stelco Sale
01 November 2016 - United States Steel Corp. posted a third-quarter profit of US$51 million and has agreed to sell the former Stelco to a private investment firm, the company announced on Tuesday.
China OKs Baosteel, Wuhan Merger
31 October 2016 - China has given the go-ahead to the merger of two of its largest steelmakers, naming the top executives who will run the combined business, reports the Bloomberg news service.
Report: Liberty House Eyes Australian Steelmaker
18 October 2016 - Liberty House, the steelmaker and metals trading firm that had looked to acquire Tata Steel’s U.K. strip business, might be turning its attention to a different set of distressed assets, reports the Bloomberg news service.
A Fire Rekindled: How ArcelorMittal's Cleveland Works Reinvented Itself
17 October 2016 - Through innovation, hard work and difficult decisions, employees and managers at the former LTV steel works in Cleveland, Ohio, USA, have transformed the once-shuttered business into one of the world’s most productive steelmaking facilities, if not the most productive.
Essar Algoma Lenders, Bondholders Set Recapitalization Plan
23 September 2016 - A majority of Essar Steel Algoma’s term lenders have settled on a recapitalization plan with the company’s bondholders, the Canadian steelmaker has announced.
Investment Firm Takes a Step Toward Acquiring U.S. Steel Canada
23 September 2016 - The Ontario provincial government and an American investment firm have set broader terms of a restructuring plan for U. S. Steel Canada Inc., which has been operating under creditor protection for two years.
