Slater Enters Into Letter of Intent with Delaware Street Capital
03/08/2004 -
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Slater Enters Into
Letter of Intent
with Delaware Street Capital
March 8, 2004 — Slater Steel Inc. has entered into a letter of intent with Delaware Street Capital for the sale of substantially all of the assets of Hamilton Specialty Bar.
| To date, Slater has completed the sale of, or entered into definitive agreements to sell, its Lemont, Ill., Division, Fort Wayne Specialty Alloys and the Sorel Forge Division. |
Completion of the acquisition is subject to Slater and Delaware entering into a definitive agreement, Court approval and certain other conditions. Slater is hopeful that the transaction will close in March, 2004.
Slater and its subsidiaries sought creditor protection under applicable Canadian and U.S. legislation on June 2, 2003. Slater subsequently retained RBC Capital Markets to investigate strategic alternatives available to the company, including the sale of operating divisions. Throughout this process, Slater, its chief restructuring advisor and the Monitor — together with the support of the company's secured lenders — have focused on preserving the value of assets.
Slater reiterates that it does not expect that shareholders will receive any value from the proceedings.
Slater Steel is a mini mill producer of specialty steel products.
