Unsecured creditors of bankrupt RG Steel are seeking to slow the company's rushed sale process, which they said will lead to a paltry price and a higher likelihood that the company's mills will close, Reuters reported yesterday. The unsecured creditors' committee, which includes the United Steelworkers, suppliers and the Pension Benefit Guaranty Corp., said that the July 27 sale deadline was likely to result in the company's assets being surrendered to the existing owner. That could happen because the current owner, Renco Group, has said it is also a secured lender, which the unsecured creditors dispute. RG Steel has said the sale schedule was mandated by its lenders.
