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BREAKING NEWS re. STELPIPE/STELCO CCAA
February 10, 2005 - 12:10pm EST
Yesterday in Toronto at the Ontario Superior Court of Justice, Stelco obtained approval of an Order to extend the stay period for its’ court supervised restructuring to April 29, 2005.
In further developments Algoma after completing its’ due diligence has pulled out of bidding for Stelco. It is believed Algoma felt there were far too many risks associated to proceeding with the acquisition of the company. It is believed that Mittal Steel has made a decision as well not to submit an offer.
Remaing companies and possibly late bidder TD Securities have until Monday February 14, 2005 to submit binding offers higher that the $900 million established as the floor deal in an arrangement made with the Deutsche Bank. After the closing date for binding offers on Monday Stelco will than examine and investigate all bids with the assistance of the court monitor before making recommendations to Stelco’s stakeholders.
 
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Last Updated: February 12, 2005 2:02:31 PM