NEW YORK Winning bidders
Hilco Industrial LLC and Environmental Liability Transfer Inc.
said they are open to finding an operator for RG Steel
LLCs Sparrows Point, Md., steelmaking complex after a
federal judge in Delaware bankruptcy court approved the sale in
a hearing Wednesday.
"I wanted to put on the record
that Hilco, as the entity that will be marketing some of the
mills at Sparrows Point, recognizes the sale process was maybe
not as long as it could have been (and) we are interested in
finding operators who will reopen parts or all of the mill,"
the companys counsel said in final remarks at the
Counsel for Environmental
Liability Transfer confirmed the possibility of finding
operators for the mill. "If operators are to be found, we hope
to find them. Nonetheless, we think the site will have a
vibrant future," counsel said.
Judge Kevin J. Carey approved
the sale motion to Hilco and Environmental Liability Transfer
on Wednesday after a number of changes were made to the sale
documents. One of those changes included the winning bidders
adding another $500,000 to their original bid of $72 million to
fund an offshore sitewide environmental investigation following
objections from the Department of Justice on behalf of the U.S.
Environmental Protection Agency and the Maryland Department of
The Wednesday hearing also
resolved a number of objections to the sale from companies
seeking to protect their property and interests as the sale
Meanwhile, a last-minute bid
from SB International Steel for the Sparrows Point mill offered
during the hearing was deemed to be too late (
amm.com, Aug. 15).
The sale must close within 30
days, according to documents filed Aug. 15.