Effective immediately, pursuant to an order by the Ontario Superior Court of Justice of Ontario on February 11, 2016, Essar Steel Algoma Inc. is commencing a Sales and Investment Solicitation Process.
The Sale and Investment Solicitation Process is intended to assist Essar Steel Algoma in pursuing all avenues for a sale, restructuring or recapitalization of the business and property, in whole or in part, which is deemed essential for the company to remain a going concern for the benefit of all stakeholders.
The Sale and Investment Solicitation Process is intended to assist Essar Steel Algoma in pursuing all avenues for a sale, restructuring or recapitalization of the business and property, in whole or in part, which is deemed essential for the company to remain a going concern for the benefit of all stakeholders.
In a statement, the company said the Process is designed to be as flexible as possible considering the expected complexity of the process, the assets at stake, the interests of the many different stakeholders and market conditions.