Optima Specialty Steel noteholders satisfy interest payment conditions

By Caroline Salls

Pittsburgh, Aug. 9 – Optima Specialty Steel, Inc.’s unsecured noteholders have met a Chapter 11 plan condition that allows them to receive a distribution of post-bankruptcy interest on their claims, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

Optima said its confirmed plan required the noteholders to not challenge or object to confirmation of the plan or support any alternative plan process, challenge or objection to the company’s plan that would hinder or delay the effective date.

The company’s plan was confirmed on June 29.

Optima is a Miami-based specialty steel manufacturer. The company filed bankruptcy on Dec. 15, 2016 under Chapter 11 case number 16-12789.

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