Optima Specialty Steel’s Plan of Reorganization Confirmed by Court

MIAMI--()--Optima Specialty Steel, Inc. (together with its subsidiaries, collectively the “Company” or “OSS”) today announced that the United States Bankruptcy Court for the District of Delaware confirmed its Plan of Reorganization (the “Plan”). The Plan confirmation comes less than seven months after the Company filed for Chapter 11.

“The achievement of this critical milestone clears a path for the Company’s emergence from Chapter 11”

“The achievement of this critical milestone clears a path for the Company’s emergence from Chapter 11”, said Michael Correra of Conway MacKenzie, OSS’s Chief Restructuring Officer. Correra added “Upon closing of the exit financing facility of $130 million, and Optima Acquisition’s equity contribution of $200 million, the Company will emerge, poised for growth, with a significantly deleveraged balance sheet.”

Motti Korf, Chief Executive Officer of OSS added, “I want to thank our employees, customers, suppliers, creditors, and professionals who supported us in this process. It has always been our goal to pay our creditors in full and we are one step closer to achieving such. Upon our emergence from Chapter 11, we believe OSS is poised for sustainable profitability and are excited about our future together.”

For more information about the Plan of Reorganization please visit:
http://cases.gardencitygroup.com/oma/index.php

About Optima Specialty Steel, Inc.

Headquartered in Miami, Florida, Optima Specialty Steel, Inc. is one of North America’s leading independent manufacturers of specialty steel products. Operating through its four wholly-owned subsidiaries, Michigan Seamless Tube & Pipe (MST), Niagara LaSalle Corporation, Kentucky Electric Steel and Corey Steel Company, the organization leverages its technical expertise, skilled workforce and sophisticated equipment to produce highly engineered products, including seamless cold drawn pipe and tube, cold finished steel bars and flats, and various SBQ and MBQ products.

Contacts

ICR
Jason Chudoba, 646-277-1249
Jason.Chudoba@icrinc.com
or
John McKenna, 203-682-8200
John.McKenna@icrinc.com

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