RG Steel Secures $15M Stalking Horse Bid For Ohio Plant

Law360, Wilmington (June 4, 2012, 9:46 PM EDT) -- Bankrupt steelmaker RG Steel LLC announced Monday that it had entered a stalking horse agreement to sell its idle plant in Steubenville, Ohio, and 112 acres of related land for $15 million to Herman Strauss Inc. and River Rail Development LLC.

The steelmaker, currently under Chapter 11 protection in Delaware, asked the court to set a hearing for June 21 to approve the proposed sale.

“As the debtors are not currently using the Steubenville property in their operations, it would be immediately beneficial to the debtors'...
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