Bankruptcy & Restructuring
Reorganizations of companies; their operations and personnel; and their debts.
Latest News
Report: Investment Firm Hopes to Merge the former Stelco, Essar Steel Algoma
20 June 2016 - A New York-based private equity firm has plans to acquire two ailing Canadian steelmakers and merge the businesses, reports The Hamilton Spectator newspaper.
Essar Steel Algoma Accepts Sale Bid From Investment Firm, Lenders
17 June 2016 - A consortium made up of an American private equity firm and a group of lenders has reached an agreement to acquire Essar Steel Algoma, the Canadian steelmaker announced on Friday.
Columbus Castings to be Put on Auction Block in July
16 June 2016 - Constellation Enterprises LLC, the bankrupt parent of Ohio-based Columbus Castings, is planning to sell the business through an auction after a proposed private sale was called off, reports the Columbus (Ohio) Business First newspaper.
Investors, Steelmakers Express Early Interest in Australia-Based Arrium
16 June 2016 - POSCO and several investment firms from the U.S. and the U.K. reportedly are kicking the tires on Australia’s Arrium Group, which was placed into voluntary administration earlier this year.
Two Potential Buyers Said to Have Bids on U. S. Steel Canada
15 June 2016 - A private equity firm and an industrial conglomerate have entered the final stage of bidding for U. S. Steel Canada, which is operating under creditor protection as it seeks a buyer, reports The Hamilton Spectator newspaper.
Essar Steel Algoma Reconsiders Sale, Might Restructure From Within Instead
14 June 2016 - Canada’s Essar Steel Algoma Inc., which is operating under creditor protection as it looks for a buyer, said it is now exploring whether to reorganize on its own, reports The (Toronto) Globe and Mail newspaper.
Reports: U.K. Government May Loan Tata Steel Millions to Keep It from Leaving
03 June 2016 - Tata Steel, which in March announced that it no longer thought it could make steel profitably in the U.K. and would exit the market, may not leave after all.
Columbus Castings Files for Chapter 11 Bankruptcy
18 May 2016 - America’s largest single-site foundry and its parent company have filed for bankruptcy protection and the plant is to be sold to an unidentified buyer, according to Dow Jones Daily Bankruptcy Review.
Two Teams Vying for Tata Steel's U.K. Business
09 May 2016 - The deadline to submit preliminary offers for Tata Steel's U.K. division has passed, and details of the two investment teams looking to buy the operation have emerged.
Tata Steel, Investment Firm Shake Hands on Sale of Long Products Business
11 April 2016 - Tata Steel has reached a deal to sell its European long products business to private investment firm Greybull Capital, the company has announced.
Report: Tata May Have Hard Time Finding Buyer for U.K. Business
07 April 2016 - After Tata Steel announced that it would look to divest its U.K. business last week, the hope has been for a quick sale to a buyer with a turn-around plan.
Australian Steelmaker Placed into Administration
06 April 2016 - Saddled with AUD$2.8 billion in debt, Australian iron ore miner and steelmaker Arrium has been placed into administration, according to reports.
Tata Steel to Start Formal Sales Process for U.K. Business Next Week
06 April 2016 - Tata Steel will launch the formal sales process for is ailing U.K. business on 11 April, according to a U.K. official.
'Several' Bids Made for Essar Steel Algoma
04 April 2016 - Canada’s Essar Steel Algoma said it is entering the second phase of its sales process with “several” preliminary bids on the table.
Could Two of Canada's Biggest Steelmakers Join Forces? Possibly, Newspaper Says
01 April 2016 - Preliminary bids are due today, 1 April, from investors interested in Essar Steel Algoma, a Canadian plate and sheet producer that entered creditor protection last year.
Report: Tata Steel, thyssenkrupp Might Bring European Operations Together
01 April 2016 - As India’s Tata Steel looks to exit the United Kingdom, it’s reportedly considering a new direction for its other European assets.
Nine Years and Billions of Dollars Later, Tata Steel Calls it Quits in the United Kingdom
30 March 2016 - After spending billions to buy Anglo-Dutch steelmaker Corus in 2007, and then losing millions more on the investment, India’s Tata Steel has announced plans to sell its U.K. business, leaving thousands of jobs at risk.
Builder of Unfinished Taconite Facility Looks to Restructure Millions in Debt
28 March 2016 - Essar Steel Minnesota, the company building Minnesota’s first new taconite facility in years, owes approximately US$1 billion and has hired advisers to help it restructure its debt, reports the Reuters news service.
Falling Prices, Shipments Push U. S. Steel Canada Deep Into the Red
15 March 2016 - U. S. Steel Canada (USSC) posted a CAD144 million (US$107.8 million) operating loss in 2015 due to lower shipments and declining prices, according to a court filing.
Workers Vote Down Arrium Request for Pay Concessions
10 March 2016 - Approximately 400 unionized iron ore miners at Australia’s Arrium have rejected the company’s request for wage concessions, saying they won’t agree to it until the company provides a clear financial plan for continuing operations, according to Australian broadcaster ABC.
