Business
Stelco creditors' meetings adjourned until November 21, 2005
Stelco creditors' meetings adjourned until November 21, 2005.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Nov. 15 /CNW/ - Stelco Inc. (TSX:STE) announced today that\nthe meeting of its creditors to consider and vote upon the Company's\nrestructuring plan has been adjourned until November 21, 2005. It also\nannounced that the meetings of creditors of Stelco subsidiaries will also be\nadjourned to the same date.\nAt meetings of the affected creditors of Stelco and certain of its\nsubsidiaries held earlier today, the Company indicated to the Court-appointed\nMonitor that it was advisable to adjourn the meetings rather than proceed with\nvotes at that time. The Monitor then exercised its discretion and ordered the\nadjournment.\nIn requesting the adjournments Stelco expressed regret for the\ninconvenience caused by the adjournments. The Company indicated that the\nsituation remained fluid as negotiations among stakeholder groups are\ncontinuing.\nCourtney Pratt, Stelco President and Chief Executive Officer, said,\n\"While we remain hopeful that a consensual plan can be achieved, it's clear we\ncan't get there today. The plan as currently filed is not acceptable to the\nmajority of affected creditors. In that context, there seems little point in\nsubmitting the plan to a vote at this time.\"\n\"An adjournment will provide time for negotiations among the parties to\ncontinue towards final resolution in a focused and timely manner,\" Mr. Pratt\nnoted. \"Our goal, as it has been throughout this process, is to secure a\nconsensual restructuring. We want to address the concerns of bondholders while\nmaintaining the support of those groups that have already endorsed the current\nplan. We believe this approach is the best way in which to achieve the most\npositive outcome for our stakeholders.\"\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 contain\nforward-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 ...