Local Union 2251 has reached a tentative agreement with the group of secured creditors that are a party to a restructuring support agreement dated August 15, 2017.
This represents a supermajority of term lenders and 9.5% noteholders of Essar Steel Algoma Inc. on May 10, 2018.
There are a number of tasks to be completed prior to holding information meetings with the membership.
A comprehensive Memorandum of Agreement must be developed, the Memorandum of Agreement must be signed off by all parties and subsequently sent to print.
The Local Union will announce in the coming days the location and times of the information meetings.
The ratification vote will be held subsequent to the information meetings.