Business
Stelco obtains extension of stay period until January 31, 2006
Stelco obtains extension of stay period until January 31, 2006.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nCourt also approves sale of Norambar, Stelfil and Stelwire \n\nHAMILTON, ON, Dec. 12 /CNW/ - Stelco Inc. (TSX:STE) today was granted an\nOrder of the Superior Court of Justice (Ontario) extending the stay period\nunder its Court-supervised restructuring from today until January 31, 2006.\nIn its 43rd Report, which was filed today, the Court-appointed Monitor\nexpressed the view that such an extension would be in the interests of all\nstakeholders. This period would allow Stelco to take the steps necessary to\nseek Court approval of the restructuring plan approved by affected creditors\non December 9, 2005. The full text of the 43rd Monitor's Report can be\naccessed through a link available on Stelco's web site.\nCourtney Pratt, Stelco President and Chief Executive Officer, said, \"This\nextension provides us with the time to seek the Court's approval of the plan\nthat was accepted by affected creditors on Friday. If that approval is\ngranted, we can then begin the process of emerging from Court protection.\"\nThe Court's sanction hearing to consider the plan that was approved by\naffected creditors will occur on January 17, 2006.\nDuring this morning's hearing the Court also approved the previously-\nannounced sale of Norambar Inc., Stelfil LtDee. and Stelwire Ltd. to Mittal\nCanada Inc.\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\n%SEDAR: 00001549E\n\n\n","length":2057,"tagName":"div"}]