Bankruptcy protection program of Ivaco extended

Bankruptcy protection program of Ivaco extended

According to statement released from Canadian steel producer Ivaco, Ontario Superior Court of Justice has extended the bankruptcy protection program of Ivaco under the Companies' Creditors Arrangement Act (CCAA) until May 21, 2004. Moreover, the Court approved Ivaco's seeking a buyer for its assets under restructuring process. As previously reported by SteelOrbis, Ivaco and its subsidiaries filed for bankruptcy protection on September 16, 2003. In line with the statement of Ivaco, the company posted loss of Canadian$ 199 million ($150 million) in 2003 against the profit of Canadian$ 7.6 million ($5.7 million) in 2002 however an official stated that company's productivity started improving.