RG Steel's $7M Asset Sale OK'd, But Larger Deal On Hold

Law360, Wilmington (August 23, 2012, 8:52 PM EDT) -- Bankrupt RG Steel LLC got the nod from a Delaware judge Thursday to sell certain assets for $7 million, but the steelmaker will have to wait for approval of a $16 million mill sale still delayed by an objection from a former rival and next-door neighbor.

U.S. Bankruptcy Judge Kevin J. Carey signed off on the $7 million sale of assets — industrial equipment and some intellectual property — from RG Steel's Wheeling Corrugating Unit to Consolidated Environmental Management Inc., a wholly owned subsidiary of steelmaker...
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