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USA – AK Steel joint venture files Chapter 11 bankruptcy 

May 18, 2015
by Richard G. Grant
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A mining company that is partly owned by West Chester-based AK Steel has filed for Chapter 11 bankruptcy protection.

AK Steel (NYSE: AKS) holds 49.9 percent of Minnesota mining company MagnetationLLC, which made the filing after reaching a restructuring deal with senior bondholders that are owed $425 million, the Wall Street Journal reports.

The privately held joint venture between AK Steel affiliate AK Iron Resources LLC and Magnetation Inc. was founded in 2006 and has fallen victim to the declining demand for steel along with a growing global oversupply. The company uses magnetic separators to recover iron ore concentrate from waste stockpiles from mining operations. The iron ore is then processed into pellets and sold to steelmakers.

Source: USA – AK Steel joint venture files Chapter 11 bankruptcy | foundry-planet.com – B2B Portal for technical and commercial foundry management

About the Author
Richard G Grant is the Bankruptcy and Chapter 11 Business Reorganization Practice Area Chair of Culhane Meadows, PLLC.
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Bankruptcy News:

Best Lawyers in Dallas 2016 - Bankruptcy
Four Partners Named Among “Best Lawyers in Dallas” by D Magazine | 2016
Aug 17, 2016
Triangle USA Files Chapter 11
Triangle USA Petroleum Corporation Files For Chapter 11 Bankruptcy Protection | June 30, 2016
Jul 07, 2016
Hercules Bankruptcy
Hercules Offshore Files For Chapter 11 Bankruptcy Protection | June 6, 2016
Jul 05, 2016
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