HAMILTON, Ont.—U. S. Steel Canada Inc. has been authorized by the the Ontario Superior Court of Justice to seek a buyer for it’s Hamilton Works and Lake Erie Works steel production operations.
In addition to the currently operating assets, U.S. Steel assets include certain idled production equipment which could be restarted, including:
The sale and restructuring/recapitalization process (SARP) will consist of two phases. In Phase 1, parties who have entered into a non-disclosure agreement will be allowed to submit a non-binding letter of interest by May 20, 2015 offering to acquire all, substantially all or a portion of the Property, or make an investment in, restructure, reorganize or refinance the Business.
As outlined in the SARP Order, parties that have submitted Qualified LOIs, have a bona fide interest in completing a sale proposal or investment proposal with USSC and have the financial capability to consummate such a transaction may be invited to participate in Phase 2 of the SARP, which will include detailed due diligence and access to a confidential data room.
Parties who wish to participate in the SARP process should contact U.S. Steel’s Financial Advisor at [email protected] to receive an NDA.
Full details of the SARP can be found in the SARP Order on the Ernst & Young Inc. Restructuring Document Centre: www.ey.com/ca/ussc under the “SARP Materials” tab.
U.S. Steel Canada must continue to carry on business as usual while it develops and implements comprehensive restructuring solutions. Ernst & Young Inc., as the Court-appointed Monitor continues to oversee the business and financial affairs of the company during the CCAA process.