One crucial part of the deal is a revised union contract being negotiated with the United Steelworkers of America.
By CYNTHIA VINARSKY
VINDICATOR BUSINESS WRITER
WARREN -- With a Monday deadline looming, executives of a Cleveland investment group say they'll be working through the weekend to put together a deal to allow them to make a bid to purchase CSC Ltd.
George Petrenko, a principal with Renaissance Partners, said Friday the investment group still had several agreements to finalize before it would be able to make an offer to buy the shuttered Warren steel bar mill. CSC filed for Chapter 11 bankruptcy protection in January and stopped operating in April.
Deadline for offers: Judge William Bodoh of U.S. Bankruptcy Court in Youngstown has given prospective buyers until the close of business Monday to make an offer to buy the mill, either as a whole or in part.
The best offer will be determined by the court, and an auction will be scheduled to sell any remaining portions of the facility. Based on the judge's order, if no offers are received by 4 p.m. Monday the mill will likely be sold at auction piece by piece.
Renaissance Partners has been negotiating since early August with the United Steelworkers of America for a revised contract that would make it feasible to reopen the mill and operate it at a profit.
John Kubilis, president of Local 2243 and an active participant in the talks, has said that investors are looking for flexibility in the new agreement, since a revived CSC would be starting with no inventory, no order book and no customer base. Kubilis could not be reached for comment Friday.
If the union, company and Renaissance reach consensus on a revised union contract, Kubilis has said, it would probably be presented to Local 2243 members as part of a complete proposal for reviving the mill. About 1,375 employees, including 1,120 USW members, were left jobless with the mill closing.