Canada-based Hamilton Specialty Bar (2007) Inc., a former subsidiary of Slater Steel, has filed for bankruptcy protection. The list of unsecured creditors which totaled CAD $18.98 million (USD $15.3 million) includes ferroalloy suppliers, scrap suppliers and employees. Unsecured employee liabilities are listed in bankruptcy documents as CAD $1 million (USD $0.8 million). The scrap suppliers include Triple M Metal with a debt of CAD $5.1 million (USD $4.1 million) and Jefferson Iron & Metal with a debt of CAD $3.7 million (USD $3 million).
Debts of secured creditors total CAD $110 million (USD $89 million) in documents. The secured creditors are Bain Capital (68 percent), Wells Fargo Capital Finance (25 percent), and Woodside Capital Partners (7 percent).
Hamilton Specialty Bar (2007) Inc. manufactures carbon and alloy steel bar products for automotive, heavy truck, off-road, mining, forging, cold finish, and service center sectors worldwide.
USD = CAD 1.24 (Jan 16)