Georgetown Steel Corp tender approved

Georgetown Steel Corp tender approved

US Federal Bankruptcy Court has recently approved tender to be held for the assets of Georgetown Steel Corp. As previously reported by SteelOrbis, International Steel Corporation (ISG), with an offer of $16 million, had reached an agreement with Georgetown Steel officials to take over the assets of the company. The tender for Georgetown Steel is expected to take place within 30 days. According to the bidding procedures released by US Bankruptcy Court, a new bidder should offer at least $1 million more than that of ISG's. Moroever, if any bid surpasses $17 million, ISG have the right to rebid for Georgetown Steel. It is stated that sale is expected to be finalized by June 17, 2004.