According to local media, Essar Steel Algoma Inc. has hired restructuring advisers after the Sault Ste. Marie, Ontario-based company issued layoff notices to 100 workers.
The company has hired law firm Weil Gotshal & Manges LLP and restructuring specialists Evercore Partners Inc. to advise it, according to Reuters.
Essar Steel Algoma restructured its debt in July 2014, after considering its third trip through creditor protection under the Companies’ Creditors Arrangement Act.