Business
Stelco set to emerge from restructuring process
Stelco set to emerge from restructuring process.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, March 31 /CNW/ - Stelco Inc. announced today that it is on\ntrack to emerge from its 26 month long Court-supervised restructuring by\nmidnight tonight.\nThe Company indicated that it has satisfied the conditions to\nimplementation of its restructuring plan under the Companies' Creditors\nArrangement Act (\"CCAA\") and has filed Articles of Reorganization.\nStelco also indicated that it has satisfied the conditions to\nimplementation of the reorganization of its corporate structure under the\nCanada Business Corporations Act and has filed Articles of Arrangement.\nThese steps are important to enabling the Company to close its multi-step\nrefinancing and reorganization, and to emerge from the CCAA process by the end\nof today.\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 2005 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":1782,"tagName":"div"}]