Steel Mills
September 25, 2016
Essar Steel Algoma Gets Extension to DIP Financing
Written by John Packard
SAULT STE. MARIE – Essar Steel Algoma Inc. (“Essar Steel Algoma” or the “Company”) obtained an Order today from the Ontario Superior Court of Justice extending the stay of proceedings under the Companies’ Creditors Arrangement Act (CCAA) to January 31, 2017.
The Court further approved an amendment and extension to the existing Debtor-in-Possession financing facility (the “DIP”) with a corresponding maturity of January 31, 2017, which provides the Company with an additional USD $35 million of liquidity.
