Ivaco receives extention for proceedings under bankruptcy

Ivaco receives extention for proceedings under bankruptcy

North America's leading longs producer Ivaco Inc. announced yesterday that the company, has received extention for the proceedings which will be carried out under Companies' Creditors Arrangement Act (CCAA). The new set deadline for Ivaco which is currently working on a reorganization plan, is November 24. It is also reported that the company has signed an agreement for the sale of its asset in Virginia against $4 million. Sale is expected to complete at the beginning of 2004 at latest.