BRIEF-Essar Steel Algoma enters APA for sale of substantially all of its assets to consortium of bidders

Fri Jun 17, 2016 3:04pm EDT
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June 17 (Reuters) - Essar Steel Algoma

* Entered asset purchase agreement for sale of substantially all of company's assets to a consortium of bidders

* Company is serving a motion today with Ontario Superior Court of Justice seeking approval of APA.

* Consortium of bidders formed by KPS Capital Partners, LP and company's prepetition term lenders

* Consortium bid includes cash consideration, a credit bid equivalent to term loan, and assumption of certain liabilities Source text for Eikon: (Bengaluru Newsroom; +1 646 223 8780; )