31
Mar
22:16
Essar Algoma secures new stay
Bankrupt Canadian steelmaker Essar Steel Algoma has obtained a stay of proceedings from an Ontario court, Kallanish reports.
The new stay will be in effect until 30 April. Concurrently, Essar’s lenders have approved the company’s debtor-in-possession financing facility for the same time period.
The 4 million short ton/year company entered creditor protection in November 2015 and has filed for a stay of proceedings several times since. Before the c…
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Very good overview of the weekly steel market.
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