LB Steel granted exclusivity extension to evaluate recovery options

By Caroline Salls

Pittsburgh, April 13 – LB Steel, LLC obtained a 45-day extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Illinois.

Specifically, the company’s exclusive filing period was extended to June 2 from April 18 and the solicitation period to Aug. 1 from June 17.

LB Steel said it is evaluating its available avoidance actions, as well as its appellate options related to litigation deposits, “each of which could result in a recovery of millions of dollars for the debtor’s estate.”

The company said it needs more time to evaluate its options to recover assets, discuss those options with its official committee of unsecured creditors and determine whether to prepare and file a reorganization plan and disclosure statement.

LB Steel is a Harvey, Ill.-based producer of strip plate mills. The company filed bankruptcy on Oct. 18, 2015 under Chapter 11 case number 15-35358.

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