The Canadian manufacturer, which was placed into receivership in January, faces liquidation if the firm is unable to put together a workable offer before the court-ordered deadline.   

The United Steelworkers union is, however, optimistic. 

“We know that HSB has the facilities, the products and the skilled workforce needed to be a productive and successful business. And we know that KAL Advisory Partners LLC – the prospective purchaser for HSB – is working hard to secure the commitments it needs to finalize its bid by March 26," Tony DePaulo, assistant to the Ontario director of the United Steelworkers union, said in a statement. 

According to The Hamilton Spectator newspaper, KAL Advisory Partners is a New York-based investor group led by a former steel executive. 

The newspaper said the firm hopes to close the deal by 1 April.