WCI Steel Claws Its Way Back From Bankruptcy

Law360, New York (March 16, 2006, 12:00 AM EST) -- WCI Steel Inc. said on Wednesday that the company was moving closer toward fiscal solvency, saying it would give noteholders a majority stake and possibly dish out up to $25 million to safeguard a pension plan in the hopes of ending its three-year bankruptcy ordeal.

The Ohio-based steelmaker, driven to bankruptcy back in 2003, noted that it agreed in principle with over two-thirds of its noteholders, the United Steelworkers of America and the Renco Group Inc., WCI’s controlling shareholder and parent company.

Judge Marilyn Shea-Stonum of...
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