Business
Stelco stay period extended until March 31, 2006
Stelco stay period extended until March 31, 2006.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, March 2 /CNW/ - Stelco Inc. (TSX:STE) today was granted an\nOrder of the Superior Court of Justice (Ontario) extending the stay period in\nits Court-supervised restructuring from March 3, 2006 until March 31, 2006.\nThe Court-appointed Monitor had recommended that the extension be granted\non the grounds that the parties have been working diligently towards\nimplementation of the Company's restructuring plan, that a plan implementation\ndate of March 31, 2006 is achievable, and that Stelco has been acting in good\nfaith and with due diligence.\nThe Order contains a provision that the Monitor report to the Court as to\nthe status of the plan implementation process and that a further Court hearing\nbe held on March 23, 2006 if progress in that regard is unsatisfactory and\nshould the Court so direct.\nCourtney Pratt, Stelco President and Chief Executive Officer, said, \"We\nare making progress in our drive to completion. The stakeholders involved in\nthese final stages have agreed on an implementation timetable they believe is\nachievable. We're committed to working with stakeholders, to achieving those\ntargets, and to bringing this process to a successful conclusion.\"\nAt the same hearing held this morning, the Court approved the previously\nannounced sale of real property owned by Welland Pipe Ltd. and ordered the\ntemporary sealing of certain commercially sensitive financial information\ncontained in the agreement of purchase and sale.\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 Ontario-\nbased integrated steel business located in Hamilton and in Nanticoke. These\noperations produce high quality value-added hot rolled, cold rolled, coated\nsheet and bar products. This news release may contain forward-looking\ninformation with respect to the Corporation's business operations, financial\nperformance and conditions. Actual results may differ from expected results\nfor a variety of reasons including factors discussed in the Corporation's\nManagement's Discussion and Analysis section of the Corporation's 2004 Annual\nReport. To learn more about Stelco and ...