Besieged Steel Maker Seeks Speedy End to Chapter 11

Law360, New York (February 3, 2006, 12:00 AM EST) -- Forced to file for bankruptcy protection in mid-January after defaulting on an $84 million loan, steel producer Galvex has requested that its Chapter 11 proceedings be dismissed in the wake of an agreement reached last week with its primary lender.

The company filed the motion in U.S. Bankruptcy Court in Manhattan on Thursday, revealing in court papers that it had arrived at a deal with Silver Point Capital LP, the company’s largest creditor.

The development marks a quick resolution to the bankruptcy litigation undertaken by Galvex...
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