Mesabi Metallics Emerges from Bankruptcy Under Chippewa Capital Partners Ownership.
M2 EQUITYBITES-December 29, 2017-Mesabi Metallics Emerges from Bankruptcy Under Chippewa Capital Partners Ownership
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29 December 2017 - Minnesota, US-based iron ore producer Mesabi Metallics Company LLC has emerged from bankruptcy under the ownership of Chippewa Capital Partners, LLC, the company said.
Mesabi's chapter 11 plan of reorganisation, sponsored by Chippewa, was confirmed by the US Bankruptcy Court for the District of Delaware in June 2017 and became effective December 22, 2017.
Chippewa expresses its appreciation to the northern Minnesota contractors for their patience and commitment to finish the project. Chippewa provided the funding for Mesabi to make the deferred mechanic lienholder payments last Friday, over three years ahead of schedule.
Mechanic lienholders have now received all of the payments provided for under the Mesabi plan of reorganisation.
Mesabi is working with an international team of experts including Kiewit, Tenova, and Danieli to complete the 7.0 mmtpa Metso pellet plant and the 2.0 mmtpa HYL hot briquetted iron/pig iron plant.
The project is intended to provide substantial employment and tax benefits to northern Minnesota throughout the construction period and for decades to come.
The former Magnetation, LLC assets owned by ERP Iron Ore, LLC will be integrated into the Mesabi operations providing an additional 3.0 mmtpa of pellet production through ERPI's Indiana Metso pellet plant.
Minnesota iron ore from ERPI's mining operations will be used to produce pig iron in Lorain, Ohio through a joint-venture with Republic Steel.
Mesabi Metallics , an iron ore producer, engages in the development of a fully-integrated pellet production facility in the western Mesabi Range in northern Minnesota. It offers blast furnace fluxed pellets, blast furnace standard pellets, and direct reduction grade pellets.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 29, 2017|
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