The sale of Algoma Steel got one step closer yesterday when an agreement in principle was reached regarding the sale of the Port of Algoma.
Justice Hainey stated the Asset Purchase Agreement should be approved and commended the parties on reaching an Agreement in principle, noting that the Sale Transaction will be in the best interests of Algoma and its stakeholders.
Algoma will seek an Approval and Vesting Order once the agreement between GIP and the Consenting Creditors regarding the Port has been documented.
In a statement released last night , Kalyan Ghosh, CEO of Algoma stated, “Resolution of the port matter was the final hurdle standing between us and a successful sale transaction. This agreement will position Algoma securely as an advanced steel manufacturer with the liquidity and wherewithal to make the investments necessary to secure the next generation of steel makers.”