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Judge Holds Hearing In RG Steel Bankruptcy

Fri, 08/31/2012 - 9:47am
The Associated Press

DOVER, Del. (AP) — Bankrupt steelmaker RG Steel is working with creditors to resolve issues surrounding the sales of its steel mill facilities.

Attorneys for various creditors told a Delaware bankruptcy judge during a telephone hearing Wednesday that substantial progress has been made on resolving the issues.

Creditors for the most part are trying to preserve their property and access rights to material they own at the Sparrows Point mill near Baltimore.

The judge earlier this month approved the $72 million purchase of the Sparrows Point steel mill to Hilco Industrial, a company that specializes in industrial liquidations.

RG Steel, the nation's fourth-largest flat-rolled steel manufacturer, sought bankruptcy protection in late May, citing financial struggles with low steel prices and high raw material costs.

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