Essar Steel Algoma Gets DIP Extension

Essar Steel Algoma will get a third loan extension while it continues to hash out an agreement to emerge from CCAA protection. The company has another thirty day extension before its debtor-in-possession financing expires on April 30.

According to the Twenty-sixth Report of the Monitor filed on March 21, the extension comes at “a critical time when the Applicants continue to advance restructuring efforts and proceed with labour mediation.”