Steel Mills
July 20, 2014
Essar Steel Algoma Files For Bankruptcy Protection
Written by Sandy Williams
Essar Steel Algoma has filed for Chapter 15 bankruptcy protection at the U.S. Bankruptcy Court in Delaware and the Ontario Superior Court of Justice as part of its restructuring efforts.
The filing under Chapter 15 in the U.S. is a recognition proceeding,” said a spokesperson for Essar Steel Allgoma. “The sole purpose of the US filing is to ensure that the bondholders and the Company’s debt holders are bound by the Canadian court orders as issued under the Canada Business Corporations Act.”
