Delay of Weirton Steel's sale refused by Court

Delay of Weirton Steel’s sale refused by Court

According to recent news in the market, Federal Bankruptcy Court has refused the request to delay the sale of Weirton Steel to International Steel Group (ISG), which is scheduled to take place on April 12, 2004. As previously reported by SteelOrbis, Weirton Steel filed for bankruptcy protection in May 2003 and has agreed to sell its assets to ISG for $255 million in February 2004. The creditors of Weirton Steel requested the sale of the company to ISG to be delayed as they found the bid too low. However, court refused the request, with the ground that ISG has already reached a labor agreement with Weirton Steel's Independent Steelworkers Union, which diminishes the chance of other bidders at the auction on April 12, 2004.