Battle for control yields sweeter offers as WCI hearings resume

Nov 16, 2005 | 10:02 AM | Maria Guzzo

WCI Steel Inc. this week kicked off a second round of bankruptcy court hearings aimed at deciding who will gain control of the steelmaker when it emerges from bankruptcy protection.

The reorganization hearings for the Warren, Ohio,-based company started Nov. 14 in U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, in Akron and are slated to continue through Nov. 22.

Following the hearings, the judge will decide on the finalization and approval of two competing reorganization plans-one sponsored by WCI along with parent company Renco Group Inc., New York, and the other by the company's noteholders, who are owed more than $300 million. The judge has no specific timeline to make the decision.....

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