Wells Fargo denies RG creditors’ claims

Apr 01, 2013 | 05:24 PM |

Tags  RG Steel, Ira Rennert, Renco Group, Wells Fargo Capital Finance, first lien, bankruptcy

NEW YORK — Wells Fargo Capital Finance LLC has denied claims from creditors of RG Steel LLC that the bank acted improperly before the steelmaker’s bankruptcy because of its relationship with a Renco Group Inc. executive.

The Santa Monica, Calif.-based bank called the accusations "baseless," telling the U.S. Bankruptcy Court in Delaware that it only acted as an agent to the cash collateral when dealing with Ira Rennert, chairman and chief executive officer of New York-based Renco. ....

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