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Published on 11/20/2015 in the Prospect News Distressed Debt Daily.

Lee Steel liquidation plan accepted by majority of voting creditors

By Mark Reccek

Bethlehem, Pa., Nov. 20 – Lee Steel Corp.’s Chapter 11 plan of liquidation was accepted by a majority of voting creditors, according to a Friday filing.

According to the filing, 46 holders, or 97.87%, of $5.3 million in general unsecured claims voted to accept the plan, while one holder, or 2.13%, of $837 voted to reject the plan.

Also, one holder, or 100% of $750,000 in secured claims, voted to accept the plan.

Lee is a Novi, Mich., steel maker that filed for bankruptcy on April 13, 2015. The Chapter 11 case number is 15-45784.


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