23
Sep
19:46
Court grants stay of proceedings for Essar Algoma
Bankrupt Canadian steelmaker Essar Steel Algoma has received a court-ordered stay of proceedings until 31 January, 2017, Kallanish understands.
The stay gives Essar an additional $35m in liquidity as it completes its restructuring. The company has also reached a $425m recapitalisation agreement with its term lenders and reduced its funded debt by $1.5 billion.
"We are very pleased to see an overwhelming majority of our secured lenders unifying to p…
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Anonymous
Very good overview of the weekly steel market.
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