Sale of Weirton Steel approved by two creditors

Sale of Weirton Steel approved by two creditors

According to the recent news in the market, two creditors of Weirton Steel, signing an agreement, have approved the company's sale to Ohio based International Steel Group (ISG). However, other creditors have not revealed their opinion about the sale of Weirton Steel yet. Unless consensus among creditors is procured, the sale may be delayed or stopped. However, sale is still subject to approval of the court even if a consensus is procured. As previously reported by SteelOrbis, ISG offered $255 million for the assets of Weirton Steel and reached an agreement with the union before the auction.