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Bankruptcy & Restructuring

Reorganizations of companies; their operations and personnel; and their debts.

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South Korean Consortium Prevails in Bidding on Australian Steel, Iron Ore Producer

16 Jun 2017 - A consortium led by a South Korean private equity firm has been declared the preferred bidder for Australian iron ore miner and steelmaker Arrium, the company’s financial administrator has announced. 

Report: India's Central Bank Wants Essar Steel, 11 Others Ushered into Bankruptcy

16 Jun 2017 - India’s Essar Steel and Bhushan Steel reportedly are among 12 companies being recommended for bankruptcy by the country’s central bank, according to the Reuters news service. 

Bankruptcy Judge Approves Reorganization Plan for Essar Minnesota Project

14 Jun 2017 - A U.S. Bankruptcy Court judge has given approval to a plan that, if successful, will allow the stalled Essar Steel Minnesota taconite mine and pellet plant to proceed to completion, reports the Duluth News Tribune. 

Judge OKs Stelco Sale

09 Jun 2017 - A Canadian judge approved Stelco’s restructuring plan and sale to U.S. investment firm Bedrock Industries Group on Friday, a decision that will allow the steelmaker to emerge from creditor protection as a standalone business. 

Two Submit Final Offers for Australian Steel Company

31 May 2017 - A steel producer and a private equity firm have submitted final bids for Australia’s Arrium Ltd., which collapsed into administration last year, according to the Reuters news agency. 

Stelco Takes Another Step Toward Completing Sale

31 May 2017 - Members of the United Steelworkers union are getting their first look at tentative labor agreements between their locals and the investment firm looking to buy Canada’s Stelco, reports The Hamilton Spectator newspaper. 

The World's Biggest Steelmaker May Win Europe's Largest Steel Works

30 May 2017 - ArcelorMittal and steel re-roller Marcegaglia have been named the preferred bidders for Italy’s ILVA steel works, reports the (London) Financial Times. 

Essar Algoma Takes A New Name. But It's a Familiar One.

30 May 2017 - With a nod to the past, Canada’s Essar Steel Algoma is dropping Essar Steel from its name and rebranding itself simply as Algoma.  

Essar Steel Algoma Makes Slow Progress on Restructuring

17 May 2017 - It appears that efforts to restructure Canada’s Essar Steel Algoma will continue into the summer, with the company seeking to extend its debtor-in-possession financing at least through August. 

Stelco Seeks Court Approval for Sale

08 May 2017 - Canada’s Stelco could emerge from creditor protection and officially come under new ownership next month, reports The Hamilton Spectator newspaper.

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