Friday Morning News – February 3rd

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Weather – Bright and sunny outside, with winds up to 15km/h. A high of -10 is expected. Bundle up, it is expected to have a wind chill of -28C this morning. By evening, it will cloud over with 30% chance of flurries overnight. Low of -14.

SNOW SQUALL WARNING for SSM, St. Joseph Island, Searchmont, Montreal River Harbour, Batchawana Bay, Agawa, Lake Superior Provincial Park.

Roads – The roads are once again poor from Sault Ste. Marie to Wawa, “snow covered with snow packed sections. Poor visibility”. From Wawa to Paint Lake Road it is bare and dry, and to White River is is bare and dry with wet sections. Snow squalls continue between SSM and Wawa, so be careful if driving.

Local – MMCC Cancellations for today: 10-11 am – Open Skate, and 12-1 pm – Pick Up Hockey.

The Roxy Bowling Centre is holding a Family Twosome Tournament on February 12th – register today! Everyone is welcome, even if you are not a member of a league. It can be any adult/child family relation- parent, grandparent, sibling, aunt, uncle, or cousin!

Don’t forget to purchase a ticket for the Michipicoten Volunteer Firefighters Association Annual Cash Draw. A $1,000 will be drawn on Valentine’s Day! Perfect gift for you and your sweetie. Better yet, your ticket will be thrown back into the barrel and is eligible for 3 more $1,000 draws and the grand prize of $10,000 still up for grabs. Need tickets? Find your favourite firefighter!

District – Things are looking tough for Essar Steel in Sault Ste. Marie. The Ontario Superior Court of Justice (Commercial List) has approved a Sale and Investment Solicitation Process (the “SISP”). Essar Global is disputing the process,

“It makes little sense to raise the spectre of liquidation given market conditions and the company’s recent financial performance, and such tactics are both feeble and transparent.

Accordingly, Essar is again considering its interest in ESAI. We are writing to you to ask that you:

  • advise the court of Essar’s continuing interest in a possible acquisition of ESAI’s assets and businesses, either alone or in partnership with others; and
  • support a re-opening of the SISP on terms that would permit Essar and other interested parties reasonable time, access and opportunity to advance their transaction interest, including by way of receiving updated financial and corporate information, access to ESAI’s premises and personnel, and permission to engage in discussions with principal stakeholders and prospective equity or financing partners.”

Essar Steel, formerly known as Algoma Steel has been making steel in Sault Ste. Marie for 115 years.

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