The Stel Salaried
Pensioners Organization wishes to thank The Hamilton Spectator for permission
to post the following article published in the October 28, 2005 edition
The Hamilton
Spectator
(Oct 28, 2005)
City
officials are hoping to draw up to 1,000 people for a Stand Up for Stelco rally
Nov. 7.
The
rally -- which will be held at City Hall -- will bring together senior brass
from the steelmaker, as well as retirees and union representatives from Lake
Erie and Hilton works.
Organizers at city hall say the rally
-- which could shut down part of Main Street -- is intended to show support for
the steelmaker as it attempts to emerge from bankruptcy intact.
After almost 21 months in bankruptcy
protection, most parties have agreed on a restructuring plan which would see
$450 million in financing from Tricap Management and a $100 million provincial
loan.
The plan's survival depends on a group
of anonymous bondholders who are challenging the plan in appeals court Nov. 2 and
have the power to veto it in a vote Nov. 15.
Lawyers for the bondholders, who are
owed about $275 million, have said they plan to reject the deal. The
bondholders -- who often buy bonds at a discount when a company is in trouble
and then try to increase the value of their investment during restructuring --
are holding out for a deal with a better cash return.
Mayor Larry Di Ianni said he hopes the
community will send a strong message to that powerful group, making them think
twice about killing a deal which could save one of the city's key employers.
He said he hopes the rally will
"whip up spirit, energy and enthusiasm.
"It's a rally for the community to
stand up for Stelco," he said. "We're hoping there will be a good and
strong showing to show this company is important. It's more symbolic than