"The successful bidders in the sales process, now the new owners, have been identified as the consenting creditors based on a joint bid of KPS Capital Partners LP and the term lenders"
..............
Notice from 2 years ago..
https://www.sootoday.com/local-news/largest-shareholder-in-sault-star-parent-company-wants-to-buy-our-steel-mill-343991
Took a couple of years but KPS& lenders now in drivers seat.
Notice from 2 years ago:
"Rothschild, the term lenders' financial advisor, will also become entitled to a significant success fee, to be paid by [Essar Steel Algoma], if the sale transaction is implemented," Friedman said in his affidavit.
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notice this 4 months ago:
https://www.prnewswire.com/news-releases/kps-capital-partners-creates-autokiniton-global-group-300639587.html
NEW YORK, May 1, 2018 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today that it created a new company, Autokiniton Global Group, LP ("AGG"), to pursue investments in the global automotive supply industry. George Thanopoulos, a widely respected industry executive, will serve as AGG's Chief Executive Officer.
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More, PRI (principles of Responsible investing)...in manufacturing this time.
Makes me think back to 2014 when Noront was the only mining company that attended a PRI event.
https://www.huffingtonpost.com/marco-trbovich/responsible-private-equit_1_b_1524210.html
PRI in Manufacturing
“A turnaround, at the end of the day, is about sheer force of will.” Psaros said. He cited the case of HHI, a supplier of forged and machined steel automotive part components with sixteen plants in the Midwest. The company is today comprised of five formerly bankrupt firms that were facing liquidation, that KPS bought, turned around and integrated under new management, headed by Greek immigrant and University of Michigan graduate George Thanopoulos, who brought to the challenge a solid background in manufacturing from his experience at Mascotech Inc.
