Touchstone Exploration Inc. press release
Stelco provides restructuring update
TSX - Toronto Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
HAMILTON, ON, Oct. 4 /CNW/ - Stelco Inc. (TSX:STE) today announced that the Court has issued its decision in the matter of the Orders sought by the Company at a hearing held yesterday.
The Court has, among other things:
Authorized the Company to enter into the previously announced agreements with each of the Province of Ontario, Tricap Management Limited and the USW.
Authorized the Company to hold creditor meetings on November 15, 2005 to consider and vote on a restructuring plan.
Extended the stay period from today until December 5, 2005 in order to accommodate the creditors' meetings and a sanction hearing.
Courtney Pratt, Stelco President and Chief Executive Officer, said, "This is positive news for the Company, for our stakeholders and for the process itself. Our focus now turns to working with creditors in search of a deal they can support while retaining the support of the other stakeholders who are onside. We'll do everything we can to achieve an outcome that all parties can support."
About Stelco Stelco Inc. is a large, diversified steel producer. Stelco is involved in major segments of the steel industry through its integrated steel business, mini-mills, and manufactured products businesses. This news release may contain forward-looking information with respect to the Corporation's business operations, financial performance and conditions. Actual results may differ from expected results for a variety of reasons including factors discussed in the Corporation's Management's Discussion and Analysis section of the Corporation's 2004 Annual Report. To learn more about Stelco and its businesses, please refer to our Web site at www.stelco.ca.
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