Steel Mills
May 21, 2017
Essar Steel Algoma Requests Fourth Extension of DIP Financing
Written by Sandy Williams
Essar Steel Algoma is asking for debtor-in-possession financing to be extended a fourth time until Aug. 30, 2017. In the 31st report of the Monitor, Brian Denega asked that the extension be approved and that a Restructuring Committee be established to take some of the burden of negotiations and restructuring off key executives who can then devote more time to effectively managing Algoma’s business.
Essar Steel Algoma CEO Kaylan Ghosh, Andrew Schultze, Holding Capital Group; and Courtney Pratt, former CEO of Stelco, were selected for the Restructuring Committee, pending court approval.
