Stelco restructuring stay period extended

By Caroline Salls

Pittsburgh, April 26 - Stelco Inc. received an extension on the stay period under its court-supervised restructuring from the Ontario Superior Court of Justice, according to a news release.

The stay period was extended to July 8 from April 29.

"This extension is in the interests of all stakeholders. It will maintain operational and financial stability while we continue discussions with stakeholders, pursue the capital raising process, complete the claims procedure and develop a restructuring plan," president and chief executive officer Courtney Pratt said in the release.

The Hamilton, Ont., steelmaker filed for bankruptcy on Jan. 29, 2004.

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