U.S. Steel seeking more than $2.2B from Canadian subsidiary
30 October 2015
U.S. Steel Corp. is seeking a claim of more than $2.2 billion in debt from its Canadian subsidiary.
According to a report by CBC, U.S. Steel has filed a claim in an ongoing bankruptcy protection proceeding seeking $2.2 billion in unsecured claims as well as $213 million in other claims. The former Stelco, which was acquired by U.S. Steel (NYSE: X) in 2007 and became U.S. Steel Canada, has been the subject of a court fight in Canada between Ontario officials, U.S. Steel and its Canadian subsidiary. The way was cleared last month for it to become a standalone company.