Stelco presses court to OK Deutsche offer
Nov 22, 2004 | 10:12 AM
| Scott Robertson
Attorneys for Stelco Inc., Hamilton, Ontario, argued in court Monday in support of a financial arrangement with Deutsche Bank as a deadline to ensure labor peace and steel supply to a major customer passed.
Stelco executives were trying to win Ontario Superior Court approval of a financing agreement with Deutsche Bank that would allow it to exit creditors' protection under the Companies' Creditors Arrangement Act (CCAA)--the equivalent of Chapter 11 bankruptcy protection in the United States.
The United Steelworkers union also was in court, arguing against approval of the Canadian $900-million ($749-million) refinancing deal.
Company and union officials argued Monday as General Motors Corp.'s deadline for Stelco to secure a new labor deal with USW Local 8782 passed. Local and company officials worked through the weekend to negotiate a new labor agreement, which GM said must be in hand to secure steel supplies and allow it to remain a customer of Stelco.....
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