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RG Steel has until July 27 to sell Sparrows Point, agreement with lenders says

RG Steel has until July 27 to sell Sparrows Point, agreement with lenders says

The owner of the struggling Sparrows Point steel mill faces a tight deadline — late July — to sell the plant and other assets under the terms of an interim loan for up to $50 million that a U.S. Bankruptcy Court judge approved Friday. The mill's owner, RG Steel LLC, filed for Chapter 11 protection from creditors Thursday, just days before it plans to idle operations at plants in three states and lay off thousands of workers, including nearly 2,000 in Sparrows Point, starting Monday. The steelmaker, which said it owes more than $1 billion and had run out of cash, is seeking a buyer for Sparrows Point and its two steel plants in Wheeling, W.Va., and Warren, Ohio, as well...

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