City seeks Commitments for a Successful Restructuring of Algoma

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Civic Centre

Sault Ste. Marie, ON (2018 05 15) – The City of Sault Ste. Marie is seeking commitments from all major provincial parties related to a successful and timely conclusion to Algoma’s Companies’ Creditors Arrangement Act (CCAA) proceeding.

Last week, it was announced that the company’s secured creditors have reached tentative collective agreements with its labour unions, Local 2724 and Local 2251, subject to membership ratification which is recommended by labour leadership. Pending ratification, there is very little in the way of Algoma exiting the CCAA process provided the work that has been completed to date is not lost.

The Government of Ontario has an important role in Algoma’s CCAA proceeding, and with Ontario’s 42nd general election campaign underway, Mayor Christian Provenzano has sent letters to the leaders of the Ontario Green Party, the Ontario Liberal Party, the Ontario New Democratic Party and the Ontario Progressive Conservative Party seeking the following commitments should the party they lead form government or hold the balance of power in a minority legislature:

1. That they and the government they form or are a part of will commit to a successful restructuring of Algoma; and,

2. That they and the government they form or are a part of will respect, honour and carry out the work and commitments made by the current government; and,

3. That they and the government they form or are a part of will take whatever legislative actions are necessary to ratify and/or finalize the commitments made by the current government as soon as called upon to do so by Algoma, its secured creditors, the Monitor and the CCAA process; and,

4. That they and the government they form or are a part of will make every effort to assist in the finalization and completion of the CCAA process as expeditiously as possible once government has been formed.

Additionally, Mayor Provenzano has sent letters to the respective local candidates of the aforementioned parties regarding the following should they be elected as our community’s MPP:

1. Advocate that the government commit to a successful restructuring of Algoma; and,

2. Advocate that the government respect, honour and carry out the work and commitments made by the current government; and,

3. Advocate that the government take whatever legislative actions are necessary to ratify and/or finalize the commitments made by the current government as soon as called upon to do so by Algoma, its secured creditors, the Monitor and the CCAA process; and,

4. Advocate that the government make every effort to assist in the finalization and completion of the CCAA process as expeditiously as possible once government has been formed. “The Government of Ontario has an important role to play in a successful conclusion to Algoma’s CCAA proceedings,” said Mayor Provenzano.

“The City is seeking commitments from party leaders and local candidates to ensure our next Premier and Sault Ste. Marie’s next MPP does whatever is appropriate and necessary to ensure a timely end to this process and the continued operation of the steel mill in Sault Ste. Marie.”

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