RG Steel Sets Framework For $100M In Clawback Suits

Law360, Wilmington (March 7, 2013, 11:30 PM EST) -- Bankrupt RG Steel LLC and creditors hammered out a mediation framework in Delaware bankruptcy court Thursday designed to handle the hundreds of suits launched by the defunct steelmaker in an attempt to claw back more than $100 million in alleged preferential payments.

Companies targeted by the more than 600 adversary complaints launched by RG Steel since January had responded with a host of objections to the proposed mediation process, including the steelmaker's plan to have creditors split the costs.

U.S. Bankruptcy Judge Kevin J. Carey said...
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Case Information

Case Title

WP Steel Venture LLC


Case Number

1:12-bk-11661

Court

Delaware

Nature of Suit

Date Filed

May 31, 2012

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UK Financial Services

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