WCI's noteholders strike back . . . Has Renco finally met its match?.

Nov 23, 2005 | 12:23 PM | Scott Robertson

Parties involved in the reorganization of WCI Steel Inc., Warren, Ohio, are moving from the courtroom to the meeting room to consider a revised restructuring proposal offered by the company's noteholders.

The holders of WCI's $300 million in senior secured notes said they have reached a tentative agreement on a new labor deal with the United Steelworkers union. Once that news became known, confirmation hearings on two current WCI reorganization plans that were before the U.S. Bankruptcy Court in Akron, Ohio, were recessed to give everyone more time to study the noteholders' revised reorganization plan.

While no official timetable has been set for the hearings to resume, partly because of the need for the USW to ratify the tentative agreement, WCI said it would take time to evaluate its restructuring alternatives.

The next scheduled court date for WCI is a status conference set for Dec. 16, when the court will hear updates on the progress of the two competing restructuring plans-the noteholders' plan and a reorganization plan put together by Renco Group Inc., the New York parent of WCI.....