Business
Stelco comments on Court decision dismissing bondholders' appeal
Stelco comments on Court decision dismissing bondholders' appeal.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Nov. 4 /CNW/ - Stelco Inc. (TSX:STE) has commented on\ntoday's decision of the Court of Appeal for Ontario dismissing an appeal by\nthe Informal Committee of Senior Debenture Holders from orders made by\nMr. Justice Farley on October 4, 2005. Those orders authorized Stelco to,\namong other things, enter into agreements with the Province of Ontario,\nelements of the United Steelworkers and Tricap Management Limited.\nThe Court of Appeal held that Mr. Justice Farley had jurisdiction to make\nthe orders in question and that those orders moved the restructuring process\nalong to the point where the bondholders would be free to exercise their\nvoting rights at the meeting of creditors to be held on November 15, 2005.\nCourtney Pratt, Stelco President and Chief Executive Officer, said,\n\"We're continuing the negotiations designed to bring creditors on board our\nrestructuring plan. We want to address their concerns while maintaining the\nsupport of stakeholders who have already supported the plan. The fact is that\nthere's just not enough value in the company to give everyone everything they\nwant. So we're working hard to provide everyone with enough to earn their\nsupport.\"\n\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":1942,"tagName":"div"}]