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