RG Steel Creditors Scrap Plan To Tackle Renco Chief

Law360, Wilmington (February 1, 2013, 7:21 PM EST) -- The unsecured creditors committee of RG Steel LLC on Friday backed off its plan to sue the billionaire chairman of parent Renco Group Inc. for allegedly breaching his fiduciary duties while the steelmaker spiraled into Chapter 11, a move that comes just two weeks after it sought leave to do so.

The committee, which on Jan. 17 asked the Delaware bankruptcy court for permission to sue Ira Rennert, filed notice Friday that it was withdrawing its request. The notice offered no explanation for the move, but...
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