Court approves Ivaco's sale to Heico

Court approves Ivaco’s sale to Heico

According to the statement released by Canadian steel producer Ivaco, Ontario Superior Court has recently approved the sale of Ivaco to Heico LLC. As previously reported by SteelOrbis, Ivaco's bankruptcy protection was extended until August 13, 2004 and the company on August 9, 2004 announced that it made a deal with Heico LLC to sell all its assets for $285 million. However the completion of the takeover was subject to the approval of Ontario Superior Court. The court has recently approved the sale. Moreover the court also approved the sale of Ivaco's subsidiary IMT Corporation. The sale of the assets of IMT Corp is expected to be completed by September 2004.