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Judge Approves Stelco’s Reorganization Plan

Law360 (February 15, 2006, 12:00 AM EST) -- The Ontario Superior Court has approved bankrupt Canadian steel maker Stelco Inc.’s reorganization plan, propelling the company one step closer to emerging from bankruptcy protection.

On Tuesday, Stelco announced the court’s decision, confirming that the business would now be split into a number of divisions, though it did not reveal how many.

The development comes only days after the presiding bankruptcy judge, Justice James Farley, exploded in a courtroom when lawyers suggested that the company’s exit from bankruptcy would be postponed by another month.

Stelco, Canada’s...
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