The Stel Salaried Pensioners Organization wishes to
thank The Hamilton Spectator for permission to post the following article,
published in the March 17, 2006 edition
The Canadian Press
Toronto (Mar 17, 2006)
The judge overseeing Stelco's bankruptcy protection ruled
assets being held in trust may be handed over to the Hamilton steelmaker.
"I am satisfied that the distribution agreements are
fair and reasonable in the circumstances," said Ontario Superior Court
Justice James Farley.
The court-appointed monitor in the case, Alex Morrison of
Ernst & Young, has been holding $124.8 million in trust from the sale of
Stelco's subsidiaries to Mittal Steel and others.
During Stelco's two years in bankruptcy protection, it has
sold off all of its non-core businesses, including the sale of three of its
divisions -- Stelwire Ltd., Stelfil Ltee. and Norambar Inc. -- to Mittal Steel
for $30 million.
Stelco's creditor protection expires March 31, although
Farley has said the biggest part of its final restructuring work should be done
before today.
In court yesterday, he noted that was one day away.
"I was told that negotiations went until 11 o'clock
(Wednesday) night, with representatives of the bondholders in town," said
Stelco lawyer Michael Barrack-- who promised two weeks ago that Stelco would
have a "pre-closing" date on March 17, meaning that all the major
restructuring documents were to be signed by that date.