The restructuring of Stelco Inc., a Hamilton, Ontario-based steel manufacturer was completed on March 31, 2006, more than two years after Stelco and certain of its subsidiaries filed for protection under the Companies' Creditors Arrangement Act (Canada). The restructuring of Stelco, with liabilities in excess of $3 billion, was completed through a plan of arrangement and reorganization under the CCAA and the Canada Business Corporations Act involving, among other things, the repayment of secured debt, the compromise of more than $600 million of unsecured claims and the restructuring of more than $1.4 billion of pension funding obligations. Stelco's restructuring included the sale of a number of businesses not deemed to be core to Stelco's future. Early in the restructuring process consideration was also given to a sale of the whole of the business with industry heavyweights such as U.S. Steel and OAO Severstal conducting extensive due diligence on Stelco's assets and businesses. After examining numerous options, an equity sponsorship group comprising Tricap Management Limited (Tricap), Sunrise Partners Limited Partnership (Sunrise) and Appaloosa Management L.P. (Appaloosa) led the final restructuring terms, collectively providing $108 million to Stelco in return for approximately 70 per cent of the new equity of Stelco.