Stelco gets mediator to help with restructuring

By Caroline Salls

Pittsburgh, May 19 - Stelco Inc.'s Ontario Superior Court of Justice-supervised restructuring will be aided by the appointment of a mediator, according to a company news release.

George Adams, previously designated a Companies' Creditors Arrangement Act officer, will serve as the mediator.

The mediation will govern the discussions and negotiations regarding the restructuring plan.

Adams is a former Superior Court judge, former chair of the Ontario Labor Relations Board, a law professor and counsel.

The court also ordered that all participants in the mediation express no views publicly on the matters being discussed until the CCAA proceedings have been concluded.

The court dismissed motions that would have, among other things, reintroduced Island Energy Partnership into the company's capital raising process and expanded the role of Tricap as a financial adviser in that process.

Stelco noted that while its plan outline will serve as the starting point for discussions under the mediation, other stakeholders will be free to present ideas.

The Hamilton, Ont., steelmaker filed for bankruptcy on Jan. 29, 2004.

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