Search results for "David Helwig"

City cuts $444,656 from EDC budget, but the money will still be used for economic development purposes

Superior Court Justice Glenn A. Hainey approved an extension of Algoma's debtor-in-possession financing to March 21, 2018

'Unless someone has repealed the laws of economics, somewhere around 24 to 36 months out there, there's going to be a recession some time.'

On May 17, Superior Court Justice Frank Newbould rejected a city request for immediate payment of $10.8 million owed by the steel mill for property taxes since it first sought insolvency protection.

Money to date has gone to out-of-town lenders, and local creditors have not been paid back.

A blackout has been ordered on public pronouncements or discussion of mediation talks starting March 22 in Toronto.

A Toronto judge will be asked today to reopen Essar Algoma's sales and investment solicitation process. But a financial advisor to Deutsche Bank warns that would likely trigger default of the financing that's been keeping the Sault mill running for 15 months.

'It makes little sense to raise the spectre of liquidation given market conditions and the company's recent financial performance, and such tactics are both feeble and transparent.' — Essar Global

Court records reveal that ongoing financing is dependent on Essar Steel Algoma cutting $22.2 million from its operating expenses by March 15.

IT centre to initially employ 30, with potential for 250 within five years.