Business
Stelco announces filing of 37th Monitor's Report
Stelco announces filing of 37th Monitor's Report.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Sept. 21 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nthe Thirty-Seventh Report of the Monitor in the matter of the Company's \nCourt-supervised restructuring has been filed. The full text of the Report can\nbe accessed through a link available on Stelco's web site.\n\nThe Report considers, among other matters:\n\nRestructuring plan, restructuring agreement with the Province, next\nsteps: The Report reviews the background to, and the nature of, the documents\nfiled with the Court on September 20, 2005. These documents included a\nrestructuring plan. They also included a restructuring agreement with the\nProvince of Ontario relating to the funding of the Company's pension plans.\nThe Report notes that several motions are being brought by the Company,\nseeking authorization to enter into the restructuring agreement, authorization\nto file the restructuring plan, and authorization to call, hold and conduct\nmeetings of affected creditors. The Monitor states its view that it is\nappropriate that the plan be submitted to affected creditors for their\nconsideration and that the calling of meetings is the appropriate next step in\nthe restructuring process. As a result, the Monitor recommends that the Court\naccept the plan for filing, grant the Meeting Order and authorize Stelco to\nenter into the restructuring agreement.\n\nStay extension request: The Report notes that the Company will seek an\nextension of the stay period from September 23, 2005 until December 2, 2005.\nThe Monitor recommends that the request be granted in order to maintain\nstability until the meetings of affected creditors have been held, and on the\ngrounds that an extension is in the interests of all stakeholders.\n\nSecond quarter results and performance: The Report reviews the results\nreleased on August 4, 2005, the financial performance of the Company and its\nsubsidiaries, as well as Stelco's liquidity position. It also lists a number\nof factors that contributed to the consolidated operating results during that\nperiod.\n\nProduction and shipping summary: The Report indicates that, as at the end\nof August, 2005, year-to-date consolidated production of semi-finished steel\ntotalled 3,242,000 net tons, compared to 3,617,000 recorded during the same\nperiod in 2004. Consolidated production in each of July and August 2005\ntotal...