RG Steel creditors seek $238M
Jan 18, 2013 | 05:59 PM
| Michael Cowden
CHICAGO Creditors of bankrupt RG Steel LLC want the authority to collect more than $238 million from the steelmakers parent company and its top executive, alleging that they delayed the steelmakers Chapter 11 filing to benefit themselves.
Renco Group Inc. and its chairman and chief executive officer, Ira Rennert, postponed the "inevitable bankruptcy" of RG Steel in part because they were "motivated by Rennerts personal gain," according to documents filed in U.S. Bankruptcy Court in Delaware by counsel for the unsecured creditors committee.....
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