Business
Stelco recommending adjournment of creditors' meetings
Stelco recommending adjournment of creditors' meetings.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Nov. 30 /CNW/ - Stelco Inc. (TSX:STE) announced today that\nit is recommending to the Court-appointed Monitor that the creditors' meetings\nin the matter of the Company's restructuring be adjourned when they resume on\nDecember 2, 2005. The Company is also recommending that the meetings of its\naffected subsidiaries be adjourned as well.\nThe Company believes that the recommended adjournments are appropriate so\nthat details of the restructuring plan to be voted upon at the meetings can be\nfinalized and Board approval can be sought. The details being finalized relate\nto, among other things, the substance of the agreement between certain\nstakeholders on a restructuring plan announced on November 23, 2005.\nThe Monitor has indicated that it will likely exercise its discretion and\nallow the adjournments on December 2, 2005. If the adjournments are allowed,\nno other business would be conducted on that day.\nStelco indicated that it is making this announcement now in order to\nminimize any inconvenience to stakeholders who might otherwise have travelled\nto the meetings on December 2, 2005 expecting to vote on a plan. The Company\nadded that details of an amended restructuring plan will be circulated and\nposted to a link available on its Web site in advance of the meetings to\nconsider and vote on a plan.\nCourtney Pratt, Stelco President and Chief Executive Officer, said, \"With\ninput from stakeholders, Stelco is in the process of finalizing the details of\na plan that will be submitted to affected creditors for their consideration.\nWhile progress is being made, the process is taking longer to conclude than\nwas envisioned a week ago.\"\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.\n\nThis news release may contain forward-looking information with respect to\nthe Corporation's business operations, financial performance and conditions.\nActual results may differ from expected results for a variety of reasons\nincluding factors discussed in the Corporation's Management's Discussion and\nAnalysis section of the Corporation's 2004 Annual Report. To learn more about\nStelco and its businesses, please refer to our Web site at www.stelco.ca.\n\n%SEDAR: ...