Business
Stelco creditors' meetings adjourned until November 23, 2005
Stelco creditors' meetings adjourned until November 23, 2005.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Nov. 21 /CNW/ - Stelco Inc. (TSX:STE) announced today that\nthe meeting of its creditors to consider and vote upon a restructuring plan\nhas been further adjourned until Wednesday, November 23, 2005. The Company\nindicated that the meetings of creditors of its subsidiaries will also be\nadjourned to the same date.\nAt the first of the meetings scheduled to take place today, the Company\nrecommended to the Court-appointed Monitor that an adjournment was appropriate\nso that intensive negotiations among stakeholders can continue and so that a\nplan can be filed and circulated prior to a vote on Wednesday. The Monitor\nthen exercised its discretion and allowed the adjournment.\nCourtney Pratt, Stelco President and Chief Executive Officer, said, \"We\nhad hoped to achieve greater progress towards a consensual plan during the\naround-the-clock negotiations that have occurred in recent days. The number of\nstakeholder groups and issues, however, has prevented us from reaching an\nagreement.\n\"It's time to place a plan before affected creditors and to conduct the\nvote. While a consensus has yet to be reached, it can still be achieved. A\nconsensual plan remains our goal. If necessary, however, we must and will take\naction in the interests of all stakeholders, the Company and the process. I\nhope that all parties will carefully consider the plan to be filed and voted\nupon. Its goal will be to treat stakeholders in a fair, reasonable and\nresponsible manner. I hope stakeholders will also consider the uncertainty and\ndiminished recovery that will result if the plan is defeated on Wednesday.\n\"This process can still have a positive outcome if stakeholders want it\nto happen. I urge all parties to make use of this final opportunity to reach a\nconsensual agreement. The Company's future, and the future of many\nstakeholders, depends on it.\"\nStelco acknowledged the importance of Friday, November 25, 2005 in this\nprocess. If a plan with sufficient stakeholder support has not been developed,\nthe Court will hear motions on that date concerning alternative processes or\nprocedures. This means that stakeholders other than the Company will have the\nopportunity to place before the Court their own ideas on how the process\nshould move forward.\nThe meetings on Wednesday will be held at the International Centre, 6900...