Business
Stelco announces distribution record date
Stelco announces distribution record date.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, March 24 /CNW/ - Stelco Inc. announced today that it has\nbeen informed by Toronto Stock Exchange (\"TSX\") that at the opening on \nMarch 24, 2006, TSX will halt trading on its 9.5% Convertible Subordinated\nDebentures due 2007 (TSX: STE.DB) (the \"Debentures\") and will delist the\nDebentures at the close on March 24, 2006. The company's restructuring plan\n(the \"Plan\") is expected to be completed on March 31, 2006. Accordingly,\nStelco has set a record date of the close of business on March 28, 2006 for\nthe distribution of New Common Shares, New Warrants, New Secured Floating Rate\nNotes (the \"FRNs\") and cash to its affected creditors, including holders of\nthe Debentures. Distributions to which the holders of Debentures may be\nentitled will be paid to the Monitor in trust in accordance with the Plan.\nTSX has conditionally approved the listing of the New Common Shares, New\nWarrants and FRNs. It is anticipated that trading of these securities will\nbegin on TSX on or about April 3, 2006.\n\nAbout Stelco\nStelco is one of Canada's longest-established steel companies. It is\ncurrently in the final stages of a Court-supervised restructuring. This\nprocess is designed to establish the Company as a viable and competitive\nproducer for the long term. The new Stelco will be focused on its two \nOntario-based integrated steel businesses located in Hamilton and in\nNanticoke. These operations produce high quality value-added hot rolled, cold\nrolled, coated sheet and bar products. This news release may contain \nforward-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 the\nCorporation's 2004 Annual Report. To learn more about Stelco and its\nbusinesses, please refer to our Web site at www.stelco.ca.\n\n%SEDAR: 00001549E\n\n\n","length":2055,"tagName":"div"}]