Business
Stelco obtains asset sale proceeds distribution order
Stelco obtains asset sale proceeds distribution order.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, March 16 /CNW/ - Stelco Inc. announced today that it has\napplied for and received an Order concerning the distribution of sale proceeds\ngenerated by the Company's disposition of non-core assets.\nIn pursuit of its previously-announced strategy, and as announced on\nprevious occasions, Stelco sold the issued and outstanding shares of four\nwholly-owned subsidiaries: AltaSteel Ltd., Norambar Inc., Stelfil LtDee and\nStelwire Ltd. The Company also sold the assets of CHT Steel Company Inc.,\nStelpipe Ltd. and Welland Pipe Ltd.\nThe sale proceeds from those transactions were paid to, and have been\nheld since then by, the Monitor in trust.\nAt a hearing held this morning, the Superior Court of Justice (Ontario)\ngranted an Order authorizing the Monitor to distribute the funds that can be\nreleased on the restructuring plan implementation date to Stelco or as Stelco\nmay direct. The motion also dealt with those sale proceeds the Monitor is\nrequired to hold beyond the plan implementation date pursuant to any of the\nabove-noted sale agreements. The Order granted today authorizes the Monitor to\nrelease such sale proceeds in accordance with those agreements without further\nOrder of the Court.\n\nAbout Stelco\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 will be focused on its two \nOntario-based integrated steel businesses located in Hamilton and in\nNanticoke. These operations produce high quality value-added hot rolled, cold\nrolled, coated sheet and bar products. 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 refer to our Web site at www.stelco.ca.\n\n%SEDAR: 00001549E\n\n\n","length":2249,"tagName":"div"}]