Business
Stelco Announces Filing of 50th Monitor's Report
Stelco Announces Filing of 50th Monitor's Report.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Feb. 9 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nthe Fiftieth Report of the Monitor in the matter of the Company's Court-\nsupervised restructuring was served last evening and is being filed this\nmorning. The full text of the Report, including appendices, can be accessed\nthrough a link available on Stelco's web site.\nThe Report provides an update on the previously-announced proposed\nreorganization of Stelco's corporate structure, in which distinct portions of\nthe Company's business would be transferred into separate limited\npartnerships.\nThe Monitor recommends that the Court grant an Order approving the\nproposed corporate reorganization, to be accomplished by way of plan of\narrangement under the Canada Business Corporations Act, at a hearing to be\nheld on February 10, 2006. The Report acknowledges, however, that even with\nthis approval, significant work remains to be done. This work includes\nsettling definitive documentation and resolving outstanding issues with key\nstakeholders in order to enable Stelco to implement the plan of arrangement\nand exit from Court protection under the Companies' Creditors Arrangement Act,\nwhich is scheduled to occur during the first quarter of 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 Ontario-\nbased integrated steel business located in Hamilton and in Nanticoke. These\noperations produce high quality value-added hot rolled, cold rolled, coated\nsheet and bar products. This news release may contain forward-looking\ninformation with respect to the Corporation's business operations, financial\nperformance and conditions. Actual results may differ from expected results\nfor a variety of reasons including factors discussed in the Corporation's\nManagement's Discussion and Analysis section of the Corporation's 2004 Annual\nReport. To learn more about Stelco and its businesses, please refer to our Web\nsite at www.stelco.ca.\n%SEDAR: 00001549E\n\n\n","length":2253,"tagName":"div"}]