Optima Specialty Steel has filed for Chapter 11 bankruptcy protection, as a near-$172 M (?164 M) seniorsecured note came due with another $87.5 M debt reaching maturity at the end of the month.The action is designed to keep the specialty steel making operations in business, while the company worksout a reorganisation plan which places debt in line with revenue, according to court papers. CEO MordechaiKorf said the filing would gain the Optima breathing room, having exhausted its out-of-court debt settlementalternatives.
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