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Essar Steel Algoma Extends Stay of Proceedings and Debtor-in-Possession Financing

SAULT STE. MARIE , March 31, 2017 /CNW/ - Essar Steel Algoma Inc. ("Essar Steel Algoma" or the "Company") obtained an Order on March 30, 2017 from the Ontario Superior Court of Justice (Commercial List) extending the stay of proceedings under the Companies' Creditors Arrangement Act ("CCAA") to April 30, 2017 . The lenders under the Company's existing debtor-in-possession financing facility (the "DIP") have also consented to an extension of the scheduled maturity of the DIP to April 30, 2017 .

Essar Steel Algoma
Essar Steel Algoma Inc. is based in Sault Ste. Marie, Ontario . As a fully integrated steel producer, the Company derives its revenues primarily from the manufacture and sale of hot and cold rolled steel products including sheet and plate.

Essar Steel Algoma Inc. filed for creditor protection under the Companies Creditors Arrangement Act on November 9 , 2015.  The Sale and Investment Solicitation Process was launched on February 11 , 2016.  Relevant documents can be found on the Monitor's website at www.ey.com/ca/essaralgoma and on the Prime Clerk website at http://cases.primeclerk.com/EssarSteel

SOURCE Essar Steel Algoma Inc.

To view the original version on PR Newswire, visit: http://www.newswire.ca/en/releases/archive/March2017/31/c3163.html