ArcelorMittal Approves Payment To Essar Steel Financial Creditors - Quick Facts

(RTTNews) - ArcelorMittal (MT) announced Wednesday it has approved a payment of 7,469 crore rupees or about $1 billion to the financial creditors of Uttam Galva and KSS Petron to clear overdue debts in order that the offer it submitted for Essar Steel India Ltd. on April 2, 2018 is eligible and can be considered by ESIL's Committee of Creditors ('CoC').

The move to clear the payment is in-line with the Indian Supreme Court ruling dated October 4, 2018.

As stipulated in the Supreme Court ruling, ESIL's CoC now has an eight-week period to accept what it considers to be the best resolution plan from eligible applicants.

ArcelorMittal had submitted a revised proposal on September 10, 2018 to Essar Steel India Limited's CoC for the acquisition of Essar Steel India. Bloomberg put the value of the bid at about $5.8 billion. It is also planning to pay all of the debt of Essar Steel.