Business
Stelco comments on bondholder proposal
Stelco comments on bondholder proposal.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Dec. 7 /CNW/ - Stelco Inc. (TSX:STE) announced this evening\nthat its Board of Directors has reviewed and considered the proposal of the\nSteering Committee of the Informal Committee of Stelco Senior Debentureholders\nannounced on December 5, 2005.\nThe Board has concluded that the proposal would not garner the\nstakeholder support required to ensure an achievable plan that would lead to\nan effective restructuring of the Company.\nThe Board of Directors urged stakeholder groups to continue their current\nand ongoing negotiations with the goal of achieving and coming forward with a\nconsensual plan.\nThe Board advised that, in accordance with the direction of the Superior\nCourt of Justice (Ontario), a plan or an amended plan will be presented and\nput to a vote when the previously-adjourned meetings of affected creditors\nresume on Friday, December 9, 2005.\n\nAbout Stelco\nStelco Inc. is a large, diversified steel producer. Stelco is involved in\nmajor segments of the steel industry through its integrated steel business,\nmini-mills, and manufactured products businesses. This news release may\ncontain forward-looking information with respect to the Corporation's business\noperations, financial performance and conditions. Actual results may differ\nfrom expected results for a variety of reasons including factors discussed in\nthe Corporation's Management's Discussion and Analysis section of the\nCorporation's 2004 Annual Report. To learn more about Stelco and its\nbusinesses, please refer to our Web site at www.stelco.ca.\n%SEDAR: 00001549E\n\n\n","length":1640,"tagName":"div"}]