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Lakshmi Mittal

Court gives Sparrows Point mill more time to find a buyer

Court gives Sparrows Point mill more time to find a buyer

The Sparrows Point steel mill will have more time to find buyers — two to four weeks extra — under an agreement hammered out Thursday in the bankruptcy case.

Owner RG Steel's unsecured creditors had contended that the July 27 deadline to close a deal, just two months after the company filed for bankruptcy protection, was so tight that it would harm the chances of finding a buyer to pay fair value and restart the facilities being idled. The terms of the new deadline were outlined in court papers Thursday.

The extension came a day after the company's lenders said in a court filing that extra time would do no good. Sparrows Point and RG Steel's two other...

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