The Stel Salaried Pensioners Organization wishes to thank The Hamilton Spectator for permission to post the following article published in the December 21, 2004 edition

Dec. 21, 2004. 12:41 AM

Stelco claims process OK'd

A judge has approved Stelco's claims procedure, setting the wheels in motion for the company's creditors to begin jostling for their money.

Stelco chief restructuring officer Hap Stephen said yesterday's decision "will quicken matters by enabling us to address claims at the same time as a restructuring plan is developed."

When the steelmaker was granted court protection on Jan. 29, its debts were frozen. Many Hamilton-area companies were caught in the lurch and are still owed debts ranging from thousands to millions of dollars.

The claims process will establish how much Stelco owes to its creditors.

Under the process, proof of claims must be submitted by Jan. 31 to the court monitor who is overseeing Stelco's bankruptcy protection.

Claims which are not received by that date "will be extinguished and the creditors asserting such claims will not be entitled to participate in any restructuring plan," Stelco said in a press release yesterday.

Creditors can find more information at www.mccarthy .ca/en/ccaa.

Proof of claims are due the same date as Stelco will accept final offers to buy the company. Many companies are now conducting due diligence, including U.S. Steel and Severstal.