Slater Reaches Agreement to Sell Atlas Specialty Steels
04/23/2004 -
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Slater Reaches Agreement
to Sell Atlas Specialty Steels
April 23, 2004 — Slater Steel Inc. announced that Slater Stainless Corp., a subsidiary of Slater Steel, has entered into a definitive agreement to sell substantially all of its assets located at the Atlas Specialty Steels' facility in Welland, Ont., Canada, to Centre Steel Holdings Ltd.
The transaction, which is expected to close on, or about, April 30, 2004, is subject to certain conditions, including approval from the Ontario Superior Court of Justice.
The company will seek approval of the Court on April 29, 2004.
Slater Steel and its subsidiaries sought creditor protection under applicable Canadian and U.S. legislation on June 2, 2003 and have announced either the wind-down and orderly realization or the sale of its remaining assets. Slater once again states that it does not expect that shareholders will receive any value from the insolvency proceedings.
