Stelco Seeks Court Approval for Sale
05/08/2017 - Canada’s Stelco could emerge from creditor protection and officially come under new ownership next month, reports The Hamilton Spectator newspaper.
According to the newspaper, Stelco has asked an Ontario judge to sign off on its proposed restructuring plan and sale to U.S. investment firm Bedrock Industries during a 9 June sanction hearing.
However, it remains to be seen whether the company reaches new collective bargaining agreements with the United Steelworkers union, which represents workers at Stelco’s Hamilton and Nanticoke facilities.
The presiding judge in Stelco’s creditor protection case has said he wants new labor agreements in place before he approves the sale, the newspaper said.
The Spectator has more on the story here.
However, it remains to be seen whether the company reaches new collective bargaining agreements with the United Steelworkers union, which represents workers at Stelco’s Hamilton and Nanticoke facilities.
The presiding judge in Stelco’s creditor protection case has said he wants new labor agreements in place before he approves the sale, the newspaper said.
The Spectator has more on the story here.
