Business
Stelco announces filing of 52nd Monitor's Report
Stelco announces filing of 52nd Monitor's Report.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Feb. 28 /CNW/ - Stelco Inc. (TSX:STE) today announced that\nthe Fifty-Second Report of the Monitor in the matter of the Company's \nCourt-supervised restructuring was filed this evening. The full text of the\nReport, including an appendix, can be accessed through a link available on\nStelco's web site. The Report recommends that the Court extend the stay\nperiod, which will otherwise expire at midnight on March 3, 2006, to March 31,\n2006. The Monitor notes that progress has been made in resolving the issues to\nbe addressed in the process of implementing the approved restructuring plan\nand the approved reorganization of Stelco's corporate structure. The Report\nadds that the contemplated transactions are complex, they require the input\nand approval of a number of stakeholders, and that issues remain to be\nresolved.\nThe Monitor observes that the stakeholders involved in the finalization\nof the documents and other measures required to implement the above-noted\narrangements have committed to an implementation timetable they believe is\nachievable. The timetable contemplates that the principal documents will be\nfinalized and that a pre-closing will take place on March 17, 2006, with a\nplan implementation date of March 31, 2006. In recommending that the\napplication for a stay extension be granted, the Monitor states its belief\nthat the parties have been working diligently towards plan implementation,\nthat a plan implementation date of March 31, 2006 is achievable, and that\nStelco has been acting and continues to act in good faith and with due\ndiligence. The Report and its appendix also provide a summary of receipts and\ndisbursements for the period November 19, 2005 to February 17, 2006, an\nanalysis of variances from the forecast provided in the 40th Report of the\nMonitor, as well as a cash flow forecast for the period February 18, 2006 to\nMarch 31, 2006. The Monitor notes that total facility utilization stood at\n$296.5 million as at February 17, 2006, and is projected to increase to\n$325.6 million by March 31, 2006.\n\nAbout Stelco\n\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 ...