Hamilton Specialty Bar finishes final step in restructuring plan after bankruptcy

Hamilton, ON— Hamilton Specialty Bar (HSB) announced January 6 that it has secured a Cdn$50 million revolving credit facility from CIT Business Credit Canada Inc., owned equally by CIT Group and CIBC. This final step concludes HSB’s one year restructuring plan after only nine months.

Delaware Street Capital (DSC) acquired the steel manufacturer in June 2004. As part of an undertaking with the United Steelworkers of America (USWA), HSB also committed to make whole the employees of the company and certain retirees for the shortfall in pension and health benefits they lost as a result of the bankruptcy of the mill’s former owner. In partnership with the USWA, the Province of Ontario and the City of Hamilton, the revitalized HSB has reestablished itself as one of the premier and reliable suppliers of specialty bar products to the automotive industry.

“We are extremely pleased with the results of the restructuring and the continued support of HSB’s employees, suppliers, customers and the civic community,” said Darin Milmeister, vice president of DSC.

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