Essar Steel Algoma is continuing its restructuring process into the New Year despite hopes it would emerge from CCAA protection by the end of 2016. The year ended with the Term Loan Bidders trying to negotiate a deal to purchase Algoma and secure approval from the United Steelworkers. Algoma’s DIP financing will expire as of January 31, 2017 and an extension will be sought.
The letter below from chief commercial officer Robert Dionisi provides an update to the current situation at Essar Steel Algoma.
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