Algoma Steel Inc. News Release.Business Editors SAULT STE. MARIE, Ontario--(BUSINESS WIRE)--Sept. 26, 2001 Algoma Steel Inc. (TSE:ALG ALG - Automotive Lease Guide ALG - Adult Learning Grant (UK) ALG - Advanced Landing Ground ALG - Advanced Lithography Group ALG - Ain't Love Grand? ALG - Aircraft Landing Gear ALG - Algebra ALG - Algiers, Algeria - Houari Boumedienne (Airport Code) ALG - Algorithm ALG - ALMA Liaison Group (European Southern Observatory) ALG - American Laser Games ALG - Antilymphocyte Globulin ALG - Application Layer Gateway ALG - Application-Level Gateway.) announced that it has been granted an extension of its protection under the Companies' Creditors Arrangement Act (CCAA CCAA - California Clean Air Act of 1988 CCAA - California Collegiate Athletic Association CCAA - Callmakers & Collectors Association of America CCAA - Canadian Clean Air Act CCAA - Canadian Collegiate Athletic Association CCAA - Canadian Consulting Agronomists Association CCAA - Cape Cod Art Association (Barnstable, MA) CCAA - Centro de Cultura Anglo Americana Ltda (Brazilian language school) CCAA - Charles County Arts Alliance (Maryland)) and the time for the filing of a Plan of Arrangement to October 12, 2001. The current order Current order In the context of periodic repayment schedules, the next periodic principal repayment. was to expire on September 28, 2001. The extension was supported by all of Algoma's stakeholders. Hap Stephen, Algoma's Chief Restructuring Officer, said "The short duration of this extension (two weeks) reflects the fact that we are making good progress towards the completion and filing of a restructuring plan for consideration by Algoma's stakeholders." Algoma Steel Inc., based in Sault Ste. Marie, Ontario, is Canada's third largest integrated steel producer. Revenues are derived primarily from the manufacture and sale of rolled steel products including hot and cold rolled sheet and plate. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion