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Birmingham Steel Corporation
Finley, Colmer and Company was retained in March, 2001 to assist the management and Board of Directors of this publicly-held mini-mill operator in negotiating a consensual restructuring of the Company's debt to deleverage the balance sheet. The task was complicated by a continuing erosion of steel prices in the Company's principal markets over that year. Also, with a capital structure comprised of senior noteholders, banks, and participants in off-balance sheet leases numbering approximately 70 institutions, communication and process development was challenging. Eventually, as a result of those factors and continuing deterioration of the balance sheet, the Company sought bankruptcy protection in June, 2002. Finley, Colmer and Company continued to provide bankruptcy advisory services primarily in the area of working capital liquidity forecasting.
In December, 2002 the majority of Birmingham Steel's assets were sold to Nucor Corporation. |
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