Creditors Convince RG Steel To Extend Sale Process

Law360, Wilmington (June 21, 2012, 6:59 PM EDT) -- RG Steel LLC won court approval on Thursday to auction off its three steel mills after unsecured creditors successfully lobbied for a few extra weeks for the bankrupt steelmaker to seek out a buyer.

At a hearing in Wilmington, Del., U.S. Bankruptcy Judge Kevin J. Carey gave his blessing to the debtors' bid procedures and $50 million debtor-in-possession financing package, which together dictate the sale time line and process. RG Steel had originally proposed a sale deadline of July 27, but the official committee of unsecured...
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