Judge sides with U.S. Steel over debt claims
http://www.thespec.com/news-story/63...r-debt-claims/
U.S. Steel has won a sweeping victory in its claim for $2.2 billion in debts from the former Stelco.
In a decision released Monday afternoon, Superior Court Justice Herman Wilton-Siegel confirmed nearly all of the company's claims as debts rather than equity. That makes the American parent company of U.S. Steel Canada the largest debtholder with extensive power to shape the Hamilton company's restructuring under creditor protection.
The claims addressed in the judge's decision total more than $2.2 billion Cdn.
Objectors to the parent company's claims, active and retired salaried and unionized workers and the provincial government, had argued the American company's claims were nothing more than an effort to recover the cost of buying Stelco in 2007.
Their objections were the subject of an eight-day trial in January.
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