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Ferroalloys companies among unsecured creditors at HSB

New York — Several ferroalloys suppliers are among the list of unsecured creditors in last week's bankruptcy filing of steel specialty bar quality producer Hamilton Specialty Bar (2007) in Ontario.

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They include Minerais at C$339,329 ($273,364), Fedmet Resources (C$73,065), Danmet, (C$61,157), CCMA (C$56,073), Masterloy (C$34,921), Minmet Minerals, (C$30,154), Rand Alloys (C$28,293), PC Campana (C$26,991) and Polymet Alloys (C$22,491).

The list of unsecured creditors also includes ferrous scrap supplier Triple M Metal -- the largest trade creditor -- in the amount of C$5.1 million, ferrous, nonferrous scrap supplier Jefferson Iron & Metal (C$3.7 million) and carbons and scrap supplier Asbury Wilkinson (C$29,890). Erie Copper Works, a specialist in the maintenance of electric-arc furnaces, was listed in the amount of C$34,218.

Employee liabilities were listed in the amount of just over C$1 million. The total debts of the unsecured creditors amounted to C$18.98 million.

Other unsecured creditors included law firms, trucking companies, utilities and specialist and non-specialist suppliers.

Debts of secured creditors amounted to $110 million and included Bain Capital with two secured notes for a combined C$54.6 million and an additional unsecured note for C$19.7 million, Wells Fargo Capital Finance for loans in two amounts of C$26.2 million and C$1.36 million and Woodside Capital Partners for two secured notes of C$8.1 million.

Ferroalloys sources expressed surprise at the bankruptcy, as the general perception was the SBQ market was performing well. Apart from the general health of the SBQ market, one ferroalloys supplier said the company "also should have had an advantage from the Canadian currency."

HSB filed for bankruptcy in Hamilton on January 8.

--Anthony Poole, anthony.poole@spglobal.com
--Edited by Richard Rubin, richard.rubin@spglobal.com