USSC – Sept 29, 2015
September 29, 2015
On September 29, 2015, the CCAA Judge directed that the motions scheduled to be originally heard on September 29th be adjourned to a hearing on October 7th and 8th, 2015. These motions are:
- Representative Counsel’s and the USW’s motions for an order directing USS to cease moving the automotive steel orders from USSC, and sending it to USS;
- USSC’s motion for (among other relief) approval to terminate the Sales and Restructuring Process (“SARP”) for approval of the “Cash Conservation and Business Preservation” motion (described further below); and
- USS’s motion for various court orders relating to its intention to terminate contracts that USS has with USSC.
On September 29, 2015, the Court granted interim relief to USSC with respect to the certain payments that were immediately due for payment by USSC, without prejudice to the parties’ positions with respect to the financial determination on the appropriateness of the payment suspensions:
- amounts owing to the registered pension plans (other than normal cost contributions);
- amounts owing to the Ontario Pension Benefits Guarantee Fund (“PBGF”) in respect of assessments; and
- amounts owing in respect of municipal taxes.
A copy of the CCAA Judge’s Endorsement dated September 29, 2015 is available here.