The US Bankruptcy Court has approved AK Steel’s bid to be recognised as the lead bidder to acquire substantially all the assets of National Steel Corporation.
Under the terms of the Asset Purchase Agreement (APA), AK Steel has until March 17 to negotiate a new agreement with the US Steelworkers for their employees. If they do not reach such an agreement, either party have the option to terminate the APA.
Apart from recognising AK Steel’s bid of $1.125 billion for National Steel, they have also set out threshold bids for their assets which other parties must abide by for the scheduled April 7 auction of National Steels assets.
More details on the assets of National Steel can be found in the January 31 news story.
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