Canadian court issues motions on Stelco restructuring

Canadian court issues motions on Stelco restructuring

Ontario’s Superior Court of Justice has appointed the Honorable George Adams to serve as mediator in Stelco’s restructuring. Mr. Adams is a former Superior Court Judge, former Chair of the Ontario Labor Relations Boards, law professor and counsel, and most importantly, a highly regarded mediator and arbitrator. It will be Mr. Adams responsibility to determine the nature, format, and duration of the restructuring process. The court has also issued a gag order on all participants, forbidding them from publicly discussing details of the restructuring until the proceeding has concluded. Furthermore, the court swept aside motions put forward by the other parties that would have reintroduced Island Energy Partnership into Stelco’s capital raising process and expanded the role of Tricap, USWA’s financial advisor. Stelco hailed the motions. Courtney Pratt, Stelco President and CEO issued a public statement saying, "We welcome the establishment of a confidential and mediated process and the appointment of George Adams as mediator. We believe that discussions conducted in a confidential setting assisted by a mediator will be much more likely to achieve progress than negotiating in public. We look forward to Mr. Adams' participation and contribution."