Business
Stelco announces filing of 47th Monitor's Report
Stelco announces filing of 47th Monitor's Report.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Jan. 16 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nthe Forty-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.\nThe Report deals primarily with the naming of the directors to the\nCompany's new board of directors, which will take office on implementation of\nthe corporation's Plan of Reorganization and Arrangement. The sanction hearing\nbefore the Ontario Superior Court of Justice, which precedes Plan\nimplementation, is slated for tomorrow, January 17, 2006, and Plan\nimplementation is conditional upon a successful sanction hearing. Plan\nimplementation is expected to occur in the first quarter of 2006. The current\nboard of directors remains responsible for the affairs of the corporation\nuntil Plan implementation.\nThe current Board and the three equity sponsors who will hold a majority\nof shares upon completion of the restructuring have indicated their support of\nthe list. In addition, the proposed directors have indicated their willingness\nto serve on the new board.\nStelco's previously announced agreement with the three equity sponsors\nprovides that the new board will consist of: four directors to be named by\nTricap Management Limited (\"Tricap\"), one director to be named by each of\nSunrise Partners Limited Partnership (\"Sunrise\") and Appaloosa Management LP\n(\"Appaloosa\"), and the remaining three directors to be satisfactory to the\nthree significant equity sponsors as a group.\n\nThe proposed directors named by Tricap are:\n\nPeter Gordon - Mr. Gordon is Managing Partner of Tricap Management\nLimited. He has been involved in investment and merchant banking activities\nsince joining Brookfield in 1998. His career also includes 15 years of\noperating experience in the mining industry, as well as in finance and\nmarketing.\n\nJohn Lacey - Mr. Lacey is Chairman of The Alderwoods Group Inc. He has\nmore than 37 years of experience in senior executive positions, including\nservice as chief executive officer in a number of prominent Canadian\ncompanies.\n\nCyrus Madon - Mr. Madon is Managing Partner of Tricap Management Limited.\nHe has pursued merchant banking and corporate advisory activities since\njoining Brascan in 1999. Before th...