Lakeside Steel's Barzel Hopes Dashed By Chriscott

Law360, New York (November 3, 2009, 7:07 PM EST) -- Lakeside Steel Inc. has lost its bid to buy out Barzel Industries Inc., with stalking horse bidder Chriscott USA Inc. winning court approval to purchase the bankrupt metal processing company's assets for $75 million.

Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware handed down an order Monday approving the sale after Chriscott defeated Lakeside during an October auction for Barzel's assets.

The $75 million is about $10 million more than originally proposed in the asset purchase agreement.

According to the judge,...
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