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U.S. Steel Bankruptcy Affects Many Small Businesses Who Are Owed Thousands

Posted September 29, 2014

Under International Trade Issues

(Daniel R. Pearce – QMI)

The fallout from U.S. Steel’s bankruptcy filing is being felt across this region of southern Ontario because the company owes thousands of dollars to many smaller businesses.

Printers, optometrists, garages, cleaners are some of the businesses owed money from the struggling Canadian subsidiary. The debts range from a couple thousand dollars to $1,053,063 in property taxes owed to Haldimand County.

Once the company filed for protection from its creditors on Sept. 16, unpaid bills became frozen — to be repaid in full or in part once U.S. Steel’s Hamilton and Nanticoke operations are sold, restructured, or shut down and liquidated under court supervision. Read more here.