Slater Steel amends its DIP financing facility

Slater Steel amends its DIP financing facility

According to recent news in the market, Slater Steel Inc (SSI), reportedly being in negotiations with its lenders for an extension to amend its debtor-in-possession (DIP) financing facility, has recently announced that it has reached an agreement with the lenders and the deadline is extended to January 9, 2004. The facility will be reduced from C$15 million to C$7.5 million. As Slater Steel has been under bankruptcy protection, the DIP amendment is subject to US court approval.