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India's Essar Steel creditors' panel chooses ArcelorMittal's joint bid - CNBC TV18 [Reuters]

Arcelor Mittal NY Registry Shares NEW (MT) 
Last arcelor mittal ny registry shares new earnings: 2/6 01:00 am Check Earnings Report
US:NYSE Investor Relations: corporate.arcelormittal.com/investors
Company Research Source: Reuters
India's Essar Steel creditors' panel chooses ArcelorMittal's joint bid - CNBC TV18 | Reuters 2 Min Read Oct 26 (Reuters) - The committee of creditors of debt-laden Essar Steel India Ltd has chosen the resolution plan by ArcelorMittal SA and Japan’s Nippon Steel & Sumitomo Metal Corp as the winner, CNBC TV18 reported on Friday, citing sources. The steelmaker has signed the letter of intent to buy Essar Steel for 420 billion rupees ($5.74 billion), CNBC TV18 said. The news comes just a day after Essar Steel said its board and shareholders offered to pay 543.89 billion rupees ($7.43 billion) to creditors to settle their claims, allowing the company to exit a bankruptcy process. Essar Steel, owned by the billionaire Ruia brothers, is one of a group of companies that are among India’s biggest debt defaulters that were dragged into the bankruptcy court last year. The moved was after a central bank order that was aimed at clearing record bad loans at the country’s banks. ArcelorMittal, the w Show less Read more
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