Stelco restructuring stay period extended to March 31; court to review progress March 17

By Caroline Salls

Pittsburgh, March 6 - Stelco Inc. was granted an extension to March 31 of the stay period under its Ontario Superior Court of Justice-supervised restructuring, according to a court filing.

According to the order, the company's monitor must file a status report with the court on the steps taken to implement Stelco's plan of arrangement on March 17.

If the judge is not satisfied with the report, he may shorten the stay extension to March 24.

If that happens, a hearing will be held March 23 to decide whether to restore the stay date to March 31.

Stelco, a Hamilton, Ont.-based steel company, 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.