Talks continue into the night for U.S. Steel

Dozens of lawyers are still negotiating in chambers on behalf of creditors of U.S. Steel Canada at a Toronto courtroom to seek a restructuring plan that wasn’t explained yesterday, when the proceedings adjourned.

We have heard from chief restructuring officer Bill Aziz that discussions are constructive and they are optimistic that they’ll get something done.

Lawyers are going to continue working throughout the evening.  If some kind of agreement is reached, they do want to present it formally in court.  That may happen tomorrow.

The city of Hamilton, the Ontario government and the steelworkers union have all objected to conditions in a proposed $185 million dollar emergency loan from U.S. Steel Canada’s American parent.

The debtor in possession financing to keep the Canadian operations running through restructuring until 2015.  The province, the city and the union is arguing that it would change the priority list of creditors, putting the company ahead of other stakeholders.

Yesterday, we heard word from NDP MPP Paul Miller that some sort of offer has been detailed.  We haven’t heard of any details of that offer but it does sound as though something positive will develop from these meetings.