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Optima Specialty Steel Chapter 11 Petition Filed

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Optima Specialty Steel and four affiliated Debtors and affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 16-12789. The Company, which manufactures specialty steel products, is represented by Dennis A. Meloro of Greenberg Traurig.

According to documents filed with the Court, “Since late 2014, North American steel companies have been impacted by reduced demand from domestic energy producers, weakened iron ore and steel scrap pricing, and weaker demand from the mining and agricultural sectors that support the sale of heavy equipment. Moreover, a strong U.S. Dollar has encouraged steel consumers to look for product from offshore producers.

More specifically, the industrial manufacturing sector has been weakened by the impact of low oil prices and slowing growth in other parts of the world, particularly China….These challenging macroeconomic conditions led to the Debtors’ financial performance falling below their expectations in 2015 and 2016.”

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The post Optima Specialty Steel Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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