RG Steel Creditors Slam Timeline For Mill 'Fire Sale'

Law360, New York (June 19, 2012, 7:21 PM EDT) -- Unsecured creditors of RG Steel LLC on Tuesday blasted the steelmaker's proposal for an upcoming mill auction in Delaware bankruptcy court, calling it a fire sale that would not give potential buyers enough time to forge compelling bids.

An official committee of unsecured creditors asked the court to reject RG Steel's June 4 motion to approve a debtor-in-possession financing package from parent The Renco Group Inc. The motion laid out a proposed asset sale that would require bids by July 9, an auction on July 12...
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