Steel Mills
September 29, 2016
Essar Algoma DIP Lenders to Pursue “Oppression Remedy” Proceedings
Written by Sandy Williams
Essar Steel Algoma’s court monitor, Ernst & Young, has received authorization to investigate a complicated deal that the company made with the Port of Algoma two years ago. The inquiry is the result of a request by the debtor-in-possession lenders (DIP) for Essar Steel Algoma.
In 2014, Essar Steel Algoma leased its dock to the Port of Algoma, a company almost entirely owned by Essar Global Fund. One percent of the Port is owned by the City of Sault Ste. Marie.
