Reuters: Bankruptcy News: RG Steel files for Chapter 11 bankruptcy

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

RG Steel files for Chapter 11 bankruptcy May 31st 2012, 13:20 Thu May 31, 2012 9:20am EDT May 31 (Reuters) - RG Steel LLC on Thursday filed for Chapter 11 bankruptcy protection, one week after the company said it was running short of liquidity and set plans to idle three steelmaking plants. The privately held company and several affiliates filed for protection from creditors with the U.S. bankruptcy court in Wilmington, Delaware. RG Steel said it has more than $1 billion of both assets and liabilities. U.S. steelmakers have struggled with weak demand, rising costs and narrowing margins. Production capacity has yet to fully recover from the most recent recession. RG Steel bought the three plants from Russia's Severstal' OAO in 2011 for about $1.2 billion, becoming the fourth-largest U.S. flat-rolled steel producer. The Renco Group Inc and Cerberus RG Investor LLC hold ownership stakes in some of the debtors, court filings show.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions