Essar Capital Limited and USW Local 2251 brought motions within a Companies’ Creditors Arrangement Act (CCAA) proceeding.
Essar Capital sought to re-open the Sale and Investment Solicitation Process (SISP) and compel the disclosure of information to Essar Global for a potential bid.
Local 2251 sought court advice on engaging in discussions with Ontario Steel Investments Ltd. regarding potential transactions.
The court dismissed both motions, finding no basis to interfere with the established SISP, noting Essar Global's prior failure to demonstrate financial capability and the lack of a formal bid from Ontario Steel.
The court emphasized the need to maintain the integrity of the court-ordered process and avoid delays detrimental to the restructuring.
