Saturday, December 10, 2005
The Beginning of the end of the Stelco Soap Opera? Creditors approve Stelco restructuring plan
Creditors approve Stelco restructuring plan
Stelco Inc. Investor Relations
Stelco Inc. announced early this evening that a third amended restructuring plan was approved by affected creditors at the previously-adjourned meeting that resumed today. Affected creditors of certain Stelco subsidiaries also voted to approve the plan at other meetings resumed this afternoon.
At the meeting of affected creditors of Stelco Inc., the plan was approved by 78.4% of those affected creditors who voted in person or by proxy, representing 87.7% of the total value of affected claims that were voted at the meeting.
Courtney Pratt, Stelco President and Chief Executive Officer, said, 'We truly appreciate the support shown by our creditors today. The approved plan is fair, reasonable and responsible. It balances the competing interests of our stakeholders. And it paves the way for Stelco to emerge from Court protection and to become a viable and competitive steel producer for the long term.
Stelco Inc. Investor Relations
Stelco Inc. announced early this evening that a third amended restructuring plan was approved by affected creditors at the previously-adjourned meeting that resumed today. Affected creditors of certain Stelco subsidiaries also voted to approve the plan at other meetings resumed this afternoon.
At the meeting of affected creditors of Stelco Inc., the plan was approved by 78.4% of those affected creditors who voted in person or by proxy, representing 87.7% of the total value of affected claims that were voted at the meeting.
Courtney Pratt, Stelco President and Chief Executive Officer, said, 'We truly appreciate the support shown by our creditors today. The approved plan is fair, reasonable and responsible. It balances the competing interests of our stakeholders. And it paves the way for Stelco to emerge from Court protection and to become a viable and competitive steel producer for the long term.
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