news-Civic Centre

City council is being asked to commit more funds to protect its interests in regards to Essar Steel Algoma’s court restructuring process.
A report for council’s meeting tonight from the City’s CAO Al Horsman recommends committing a further 75-thousand dollars to a Toronto-based law firm that has been representing the City’s interests in the proceedings.
Council has already committed 225-thousand dollars to date to the process with 50-thousand of that amount approved last August—–the city solicitor at that time had recommended a further 100-thousand but council would only commit to half of that amount.
Horsman stresses in his report that at this critical point, it is imperative that the restructuring lawyers continue to monitor the proceedings and be in a position to act and file all neccessary responses to protect the city’s interests.
Essar Steel Algoma owes the City over 22-million dollars in unpaid property taxes.