Hamilton Bar Mill Up for Sale
By Metal Center News Staff
on Jan 31, 2018
Hamilton Specialty Bar, an Ontario-based SBQ mill, is up for sale. The move came after one of the company’s lenders called a loan of $27.5 million and forced the company into receivership.
Bids on the company were taken by the Ontario Court of Justice through Jan. 26, with a decision on the winning bid due this month.
The company owes its creditors approximately $110 million, most held by private equity firms that purchased the company out of bankruptcy in 2007. The mill has a history of financial issues.
Hamilton Bar operates a rolling mill, melt shop and finishing operations. While officials hope a new buyer can continue the operation as a going concern, the company could also be liquidated.