Stelco Nearing Bankruptcy Exit

Law360, New York (March 31, 2006, 12:00 AM EST) -- After lingering in court-supervised restructuring for the past 26 months, Canadian steel maker Stelco Inc. expressed confidence that it will emerge from bankruptcy proceedings by midnight Friday.

The company announced last week that it had satisfied the conditions necessary to implement its Companies’ Creditors Arrangement Act (CCAA) and has filed Articles of Reorganization, two key steps to a restructuring exit.

Stelco has also met the criteria necessary for the reorganization of its corporate structure under the Canada Business Corporations Act and has filed Articles of Arrangement,...
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