The bidding for bankrupt Weirton Steel in the court supervised auction has finished. A decision as to which bid will be successful is yet to be finalized.
The company’s board of director’s will evaluate bids from International Steel Group and the group of secured bondholders. They will choose from the “highest and best bid” but other factors will weigh into the decision making process such as ISG’s labour agreement and financing.
Prior to the auction, Weirton Steel had received offers of US$255 million from ISG and US$261.2 million from the bondholders. Bids from the auction were not revealed, although it was reported that the bondholders bid was significantly higher that from ISG.
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