Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Stelco Inc. > News item |
Stelco sale of AltaSteel approved; court temporarily seals plan objection report information
By Caroline Salls
Pittsburgh, Dec. 16 - Stelco Inc. obtained approval Friday from the Ontario Superior Court of Justice for its sale of AltaSteel Ltd. to Moly Cop Steel Inc., an affiliate of Scaw International Sarl, according to a company news release.
As in past non-core asset sale transactions during Stelco's restructuring process, the court agreed to seal terms of the sale agreement until the transaction closes or until further court order.
In addition, the court granted an order temporarily sealing some commercially sensitive information contained in a report prepared by Navigant Consulting to be used by equityholders in opposing Stelco's motion for court approval of its restructuring plan.
A final hearing on sealing the Navigant report information is scheduled for Jan. 17.
Stelco, a Hamilton, Ont., steelmaker, filed for bankruptcy under the Companies Creditors' Arrangement Act on Jan. 29, 2004.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.