RG Steel creditors seek $238M

Jan 18, 2013 | 05:59 PM | Michael Cowden

Tags  Renco Group, Ira Rennert, RG Steel, bankruptcy, unsecured creditors committee, Mountain State Carbon, pension plan, Michael Cowden

CHICAGO — Creditors of bankrupt RG Steel LLC want the authority to collect more than $238 million from the steelmaker’s parent company and its top executive, alleging that they delayed the steelmaker’s 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 Rennert’s personal gain," according to documents filed in U.S. Bankruptcy Court in Delaware by counsel for the unsecured creditors’ committee.....

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