Stelco's 9.5% convertibles delisted; plan to take effect March 31

By Caroline Salls

Pittsburgh, March 24 - Stelco Inc.'s 9.5% convertible subordinated debentures due 2007 were delisted from the Toronto Stock Exchange at the close of trading Friday in connection with the company's restructuring plan, according to a company news release.

The company said its restructuring plan is expected to take effect on March 31 and its new common shares, new warrants, new secured floating-rate notes and cash will be distributed to creditors, including holders of the 9.5% debentures, at the close of business on Wednesday.

The Toronto Stock Exchange has conditionally approved the listing of the new common shares, new warrants and new floating-rate notes, and trading is expected to begin on April 3.

Stelco, a Hamilton, Ont.-based steel company, filed for bankruptcy under the Companies Creditors' Arrangement Act on Jan. 29, 2004 in the Ontario Superior Court for Justice.

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