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U.S. Steel Canada Chapter 15 Petition Filed

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Ontario, Canada-based U.S. Steel Canada (f/k/a Stelco) filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 17-11519. The Company, which manufactures steel products, is represented by Robert J. Lemons of Weil Gotshal & Manges.

United States Steel Corporation is the ultimate indirect owner of 100% of the Company’s equity interests. On September 16, 2014, the Company filed with the Ontario Superior Court of Justice a Plan of Compromise, Arrangement and Reorganization, pursuant to the Companies’ Creditors Arrangement Act (CCAA).

According to documents filed with the Court, “The filing of the CCAA petition was a result of several years of significant operational and economic challenges that had detrimentally impacted the Debtor’s financial performance.”

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The post U.S. Steel Canada Chapter 15 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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