October 9, 2014 / 11:40 AM / 3 years ago

BUZZ-US Steel Corp: Gets court clearance for unit's debtor financing

1 Min Read

** Steelmaker's shares up 3 pct at $37.69 premarket

** A provincial court approves U.S. Steel's C$185 million debtor-in-possession (DIP) financing facility for its Canadian unit, which should allow it to operate until the end of 2015

** Court also extends protection from creditors until late January

** The company's stock hit a three-year high on Sept. 17, a day after it said the loss-making unit would apply for relief from creditors

** Up to Wednesday's close, the stock had declined nearly 25 pct since then

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