RG Steel Gets Go-Ahead To Sell Md. Mill For $72.5M

Law360, Wilmington (August 15, 2012, 9:40 PM EDT) -- RG Steel LLC received a Delaware bankruptcy judge's blessing on Wednesday to sell its flagship steel mill in Maryland for $72.5 million, but only after appeasing environmental regulators and squashing a last-minute bid.

At a hearing in Wilmington, U.S. Bankruptcy Judge Kevin J. Carey approved the $72.5 million sale of the Sparrows Point mill outside Baltimore to a joint venture between liquidator Hilco Industrial LLC and Environmental Liability Transfer Inc., a real estate developer that specializes in contaminated industrial sites.

The judge also tentatively cleared the...
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