Steel Mills
July 18, 2015
US Steel Canada Seeks New Lender
Written by Sandy Williams
US Steel Canada is requesting a new DIP (Debtor in Possession) Lender to replace parent company US Steel Corp. in its creditor protection proceedings. An agreement has been made with Brookfield Capital Partners Ltd for financing up to $150 million Canadian. Brookfield was one of the hedge funds that originally helped Stelco out of creditor protection in 2006.
US Steel Canada received a letter from US Steel Holdings on July 7 saying USSC was in default on its DIP agreement because it “failed to provide the DIP Lender with an Updated Monthly Budget.”
