Business
Stelco announces filing of 40th Monitor's Report
Stelco announces filing of 40th Monitor's Report.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON , Dec. 2 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nthe Fortieth 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\nMeetings of affected creditors: Among other things, the Report reviews\nthe previously announced developments surrounding the meetings of affected\ncreditors in recent weeks, including today's adjournment of the meetings until\nFriday, December 9, 2005.\n\nConvertible Noteholders proposal: The Report notes that the Convertible\nNoteholders, who did not participate in the negotiations resulting in the\nagreement on a restructuring plan announced on November 23, 2005, and who were\nnot party to that agreement, submitted a proposal to Stelco on a confidential\nbasis on November 30, 2005. The Convertible Noteholders issued a news release\nwith respect to the proposal on December 1, 2005. The Monitor indicates that\nStelco and its advisors met with representatives of the Convertible\nNoteholders on December 1, 2005. The Report adds that Stelco has advised the\nMonitor that its stakeholders are considering the proposal.\n\nRequest to extend the stay period: The Monitor also reports on Stelco's\napplication for an extension of the stay period until Monday, December 12,\n2005 to allow the creditors' meetings to occur on December 9, 2005. In\nrecommending that the extension be granted, the Monitor states its view that\nthe Company has acted in good faith and with due diligence, and notes the\npotential economic loss and certainty if the restructuring of Stelco is not\ngiven every opportunity to succeed.\n\nAn amended restructuring plan: The Monitor notes that Stelco has\nindicated its intention to finalize an amended plan and seek Board approval of\nthat plan through the weekend if necessary. Considerable input has been\nprovided by representatives of the senior bondholders, the Province of Ontario\nand Tricap Management Limited. According to the Report, Stelco has indicated\nthat it will post the amended plan and other information on its website and\nserve those materials on the service list as soon as they are available. The\nMonitor states that, at the time of its Report, it does not know whether the\namended plan would have a reasonable prospect...