Lakeside Steel Vies For Barzel's Assets

Law360, New York (September 22, 2009, 4:39 PM EDT) -- Challenging a stalking horse bidder’s $65 million offer for Barzel Industries Inc., Lakeside Steel Inc. has announced its interest in the bankrupt metal processing company.

Barzel entered Chapter 11 protection last week with an agreement to sell its assets to Chriscott USA Inc., but the plot thickened Tuesday as Lakeside announced it also will be vying for the debtor’s assets at auction on October 6.

In order for Lakeside to unseat the stalking horse bid, the suitor will have to pay at least $500,000 more than...
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