Business
Media Advisory - Stelco issues restructuring update
Media Advisory - Stelco issues restructuring update.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Nov. 30 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nthe following letter was delivered this afternoon:\n\n\"November 30, 2005\n\nMr. Robert I. Thornton\nThorntonGroutFinnigan LLP\nBarristers and Solicitors\nSuite 3200, CP Tower\n100 Wellington Street West\nP.O. Box 329, TD Centre\nToronto, Ontario M5K 1K7\n\nDear Mr. Thornton:\n\nRe: Letter of Paul G. Macdonald\n\nI'm writing to you in your capacity as counsel to the Court-appointed\nMonitor concerning a letter from Mr. Macdonald, counsel to the informal\ncommittee of convertible debenture holders.\nIn his letter, the nature of which has been reported in the news media,\nMr. Macdonald quotes me as having told the media that Justice Farley was\nintimately involved in the negotiations that led to the agreement on a\nrestructuring plan announced on November 23, 2005. Mr. Macdonald goes on to\nsuggest that Justice Farley should no longer preside over this file on the\nbasis of a possible apprehension of bias or prejudgment resulting from this\ninvolvement.\nAllow me to set the record straight in this matter.\nThe essence of what I actually told the media is this: While Justice\nFarley was, indeed, involved in the discussions among stakeholder groups, that\ninvolvement consisted of pressing the parties to come together and to reach an\nagreement. At no time did he participate in the actual negotiations between\nthe parties.\nI do hope this places my reported comments to the media, and Mr.\nMacdonald's interpretation of those comments, in their proper context.\nAs Mr. Macdonald's letter and his allegations are in the public domain, I\nam taking the liberty of providing this letter to the stakeholders who deserve\nto know our response.\n\nSincerely,\n\n\"signed\"\nCourtney Pratt\nPresident and Chief Executive Officer\"\n\nAbout Stelco\nStelco Inc. is a large, diversified steel producer. Stelco is involved in\nmajor segments of the steel industry through its integrated steel business,\nmini-mills, and manufactured products businesses. This news release may\ncontain forward-looking information with respect to the Corporation's business\noperations, financial performance and conditions. Actual results may differ\nfrom expected results for a variety of reasons including factors discussed in\nthe Corporation's Management's Discussion and Analysis section of t...