Bankruptcy court extends deadlines for National Steel case
Time allowed for the bidders for National Steel Corp. namely AK Steel and is extended by the decision of US Bankruptcy Court, for completion of reaching a compromise with the workers' union United Steelworkers of America on a new labor contract.
This has come up following a decision by the US Bankruptcy Court to grant two weeks of extension for all deadlines.
On the other hand, USWA objected to such an extension via sending a fax to National Steel's CEO stating that they believed the initially set deadlines were serving the purpose to emphasize the importance of an immediate a settlement.
Under these circumstances, deadline for AK Steel is extended from March 26 to April 9 to reach an agreement with the union. And the rival bidder
US Steel Corp. has time until April 10, 2003 submits its revised offer.
Consequently, the auction to be held by the Bankruptcy Court on the final sale of National Steel is extended to take place on April 21, 2003.