Business
Stelco to seek court order concerning issuance of floating rate notes
Stelco to seek court order concerning issuance of floating rate notes.
About this update from Starr Peak Mining Ltd
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, March 7 /CNW/ - Stelco Inc. (TSX:STE) announced today that\nit will seek an Order of the Superior Court of Justice (Ontario) in connection\nwith the issuance of New Secured Floating Rate Notes (\"FRNs\") under its\napproved Companies' Creditors Arrangement Act restructuring plan (\"the CCAA\nplan\"). The motion is scheduled to be heard on March 9, 2006.\nIn connection with the Court-approved reorganization of Stelco's\ncorporate structure under the Canada Business Corporations Act, it is\ncontemplated that each of the new limited partnerships will guarantee Stelco's\npayment and performance in connection with the FRNs, and will provide security\nfor those guarantees.\nThe Order being sought, if granted, will approve the terms and conditions\nof the issuance and exchange of the FRNs and other securities, expressly\nincluding all guarantees of Stelco's or another obligor's payment and\nperformance in respect of the FRNs, and will declare that those terms and\nconditions are fair to the affected creditors, in a manner similar to the\napproval in the sanction order.\nNotice of this motion is being provided so that affected creditors and\nother persons are aware of the hearing and of the fact that the hearing is\nopen to them to be heard.\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 \nOntario-based integrated steel business located in Hamilton and in Nanticoke.\nThese operations produce high quality value-added hot rolled, cold rolled,\ncoated sheet 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 its businesses, please refer to our Web\nsite at www.stelco.ca.\n\n\n\n\n\n\n\n%SEDAR: 00001549E\n\n\n","length":2292,"tagName":"div"}]