Slater Steel is under bankruptcy protection till January 30, 2004

Slater Steel is under bankruptcy protection till January 30, 2004

Market sources report that, bankruptcy protection of Slater Steel has been extended to January 30, 2004, giving time to the company to restructure its financial situation. The Ontario Superior Court will keep the company under bankruptcy protection under the scope of Company's Creditors Arrangement Act (CCAA) until January 30, 2004. Slater Steel also signed a deal with its lenders to amend its debtor-in-possession (DIP) financing facility. The deal was to expire on December 1, however it was extended to December 12, 2003. The company is in negotiations with the lenders for a further extension.