On January 29, 2002, Algoma Steel Inc. implemented its plan of arrangement and reorganization and repaid its debtor-in-possession financing put in place when Algoma filed for protection under the Companies Creditor Arrangement Act in April 2001. Bank of America, N.A. as arranger and agent on behalf of a syndicate of lenders, extended $230 million of credit facilities to permit this restructuring. The credit facility and the plan implementation were supported in part by a $50 million loan guarantee provided by the Minister of Industry (Canada) and by the restructuring of Algoma's pension obligations with the support of the Government of Ontario and the Superintendent of Financial Services of Ontario.