Bankruptcy & Restructuring
Reorganizations of companies; their operations and personnel; and their debts.
Latest News
Magnetation Planning to Wind Down Operations
29 August 2016 - AK Steel Corp. will pay up to US$37.5 million to end its pellet supply agreement with its joint venture pellet producer, Magnetation LLC, which will begin to wind down its remaining operations unless it finds a buyer or new financing.
Essar Minnesota Lists US$1.1B in Liabilities
24 August 2016 - Essar Steel Minnesota owes US$1.1 billion, more than five times the value of its reported assets, reports the Mesabi Daily News newspaper.
Arrium Goes Out on the Road in Search of a Buyer
23 August 2016 - Executives of Australian steelmaker and iron ore miner Arrium are in Asia this week, shopping around the debt-laden business in advance of the release of the formal sale documents, reports The Australian Financial Review.
Aided by Its North American Sheet Mill, BlueScope's Fortunes Rise in Fiscal 2016
22 August 2016 - Australia’s BlueScope Steel more than doubled its underlying net profits in fiscal 2016 due in part to higher sales and cost reductions as well as to having taken full ownership of its U.S. sheet mill.
Essar Algoma Sale to Take More Time to Finalize
19 August 2016 - The group of lenders proposing to acquire Canada’s Essar Steel Algoma is continuing to negotiate the sale with the company’s bondholders, federal and provincial governments and the United Steelworkers union, but a closing doesn’t yet appear to be at hand, according to a court filing.
U. S. Steel Canada Declines New Offer From Essar Global
10 August 2016 - U. S. Steel Canada has rejected a new buyout offer from Essar Global, saying that its new bid is substantially similar to one that was proposed -- and rejected -- earlier this year, according to reports.
A New Offer Emerges for U. S. Steel Canada
09 August 2016 - An entity that includes shareholders of India’s Essar Global said it has made a formal, binding offer for U. S. Steel Canada, which is operating under creditor protection while it attempts to find a buyer.
Mitt Romney's Former Investment Firm Wants to Buy a Steel Mill
27 July 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
New Owner of Cold-Finish Equipment Manufacturer Looks to Streamline Production
20 July 2016 - Pennsylvania-based Big B Manufacturing has acquired cold-finished machine maker Hetran Inc. out of bankruptcy for US$765,000, according to reports.
Report: Overseas Bidder Looking at U.S. Steel Canada, Essar Algoma
18 July 2016 - A metals trading firm that seems to have lost out on its bid to acquire all of Tata Steel’s U.K. business is turning its attention to overseas targets, reports The (London) Financial Times.
Essar Minnesota Names New Chief Executive
15 July 2016 - Essar Steel Minnesota has named a new chief executive to help guide the company through Chapter 11 bankruptcy and to help it complete its US$1.9 billion taconite mine and pellet plant, reports the Minneapolis Star Tribune.
Investment Firm Drops Plan to Acquire Canadian Steelmakers
14 July 2016 - A New York-based private equity firm has backed out of a deal to buy Canada’s Essar Steel Algoma and reportedly has dropped a separate bid for another major Canadian steelmaker, U. S. Steel Canada.
Steelworkers Union Rebuffs Would-Be Acquirer of Essar Algoma, Backs Competing Offer
12 July 2016 - The United Steelworkers union said it will not support Essar Steel Algoma’s tentative sale to a private equity firm and instead is pushing for an alternate deal, one with the steelmaker’s former owner.
Essar Minnesota Still Plans to Complete Minnesota Taconite Mine
12 July 2016 - Essar Steel Minnesota, which last week lost the public mineral leases related to the taconite mine and processing plant it has been building and filed for Chapter 11 bankruptcy, isn’t throwing in the towel.
Essar Steel Minnesota Loses Mineral Leases, Files for Bankruptcy
08 July 2016 - Essar Steel Minnesota, which had been building Minnesota’s first new taconite facility in years, filed for Chapter 11 bankruptcy on Friday, according to reports.
'Brexit' Puts the Brakes on Sale of Port Talbot Works
05 July 2016 - The uncertainty arising from the U.K.’s Brexit vote is prompting Tata Steel to pause the sale of its Port Talbot works, reports The (London) Sunday Times.
Lenders to Begin Looking at Restructuring Essar Steel Ltd. Debt
05 July 2016 - India’s indebted Essar Steel Ltd. has failed to find a taker for a majority stake in the business, and now its lenders are moving to begin debt restructuring talks, reports Indian business publication Mint.
Report: USSC Rejects Essar Global Offer, Two Remain in the Running
28 June 2016 - Essar Global, which last month was disqualified to bid on Canada’s Essar Steel Algoma, reportedly has been dropped as a U.S. Steel Canada suitor as well, according to The Hamilton Spectator newspaper.
Brexit Leaves Fate of Tata Steel U.K. All the More Uncertain
27 June 2016 - The United Kingdom’s vote to secede from the European Union will complicate Tata Steel's efforts to sell its U.K. strip business and may, in fact, give the company more of a reason to hold on to the business, according to reports.
U.S. Steel Canada, Essar Algoma Mills Won't Shut in Proposed Merger, Says Investment Firm
22 June 2016 - The investment firm planning to buy Canada’s Essar Steel Algoma has confirmed that it also is bidding on U.S. Steel Canada and intends to merge the two steelmakers, reports The (Toronto) Globe and Mail newspaper.
