Time running out for Stelco

Time running out for Stelco

The Ontario government is on the fence about providing more money to secure thousands of pensions and lift legally-insolvent Canadian steelmaker Stelco Inc. out of bankruptcy but has restated its committment to stand behind the company. Negotiators continue to work feverishly to hammer out some kind of agreement in the company's 22-month-old restructuring ordeal. The company's creditors will vote on a plan today, November 23. Any plan submitted requires approval from creditors holding two-thirds of Stelco's debt as well as the Ontario Superior Court of Justice. If there is no plan to vote on, however, Stelco would hear alternate proposals in a court hearing on Friday.