Shortly after Essar Steel applied for creditor protection to restructure itself, the City of Sault Ste. Marie said brace for layoffs. And now layoffs have begun in the construction industry. Also banks are eliminating or restricting lines of credit. Essar owes its secured lenders $1.4 billion and unsecured lenders nearly $164-million. Under restructuring, the secured lenders are paid first and if there`s any money left, it`s shared among the unprotected group. In the Sault, businesses including City Hall, are owed $40-million and everyone in this group is considered an unsecured lender.
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Essar restructuring starts layoff wave
Rocco Frangione
I've been a broadcast journalist for three-plus decades in Northern Ontario. I'm a graduate of Algonquin College's radio and television arts program and prior to that, an honours grad from Carleton University's philosophy program.
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