[Federal Register Volume 67, Number 228 (Tuesday, November 26, 2002)]
[Notices]
[Page 70777]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-29979]


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SECURITIES AND EXCHANGE COMMISSION

[File No. 22-28638]


Application and Opportunity for Hearing: Algoma Steel Inc.

November 20, 2002.
    The Securities and Exchange Commission gives notice that Algoma 
Steel Inc. has filed an application under Section 304(d) of the Trust 
Indenture Act of 1939. Algoma Steel asks the Commission to exempt from 
the certificate or opinion delivery requirements of Section 314(d) of 
the 1939 Act certain provisions of an indenture dated January 29, 2002, 
as supplemented by indentures dated January 29, 2002 and September 9, 
2002, between Algoma Steel and Wilmington Trust Company. The indentures 
relate to 11% Secured Notes due 2009 and 1% Convertible Secured Notes 
due 2030.
    Section 304(d) of the 1939 Act, in part, authorizes the Commission 
to exempt conditionally or unconditionally any indenture from one or 
more provisions of the 1939 Act. The Commission may provide an 
exemption under section 304(d) if it finds that the exemption is 
necessary or appropriate in the public interest and consistent with the 
protection of investors and the purposes fairly intended by the 1939 
Act.
    Section 314(d) requires the obligor to furnish to the indenture 
trustee certificates or opinions of fair value upon any release of 
collateral from the lien of the indenture. The application requests an 
exemption from section 314(d) for specified dispositions of collateral 
that are made in Algoma Steel's ordinary course of business.
    In its application, Algoma Steel alleges that:
    1. The indenture permits Algoma Steel to dispose of collateral in 
the ordinary course of its business;
    2. Algoma Steel will deliver to the trustee annual audited 
financial statements; and
    3. Algoma Steel will deliver to the trustee a semi-annual 
certificate stating that all dispositions of collateral during the 
relevant six-month period occurred in Algoma Steel's ordinary course of 
business and that all the proceeds were used as permitted by the 
indenture.
    Any interested persons should look to the application for a more 
detailed statement of the asserted matters of fact and law. The 
application is on file in the Commission's Public Reference Section, 
File Number 22-28638, 450 Fifth Street, NW., Washington, DC 20549.
    The Commission also gives notice that any interested persons may 
request in writing that a hearing be held on this matter. Interested 
persons must submit those requests to the Commission no later than 
December 19, 2002. Interested persons must include the following in 
their request for a hearing on this matter:

--The nature of that person's interest;
--The reasons for the request; and
--The issues of law or fact raised by the application that the 
interested person desires to refute or request a hearing on.

    The interested person should address this request for a hearing to: 
Jonathan G. Katz, Secretary, U.S. Securities and Exchange Commission, 
450 Fifth Street, NW., Washington, DC 20549-0609. At any time after 
December 19, 2002, the Commission may issue an order granting the 
application, unless the Commission orders a hearing.

    For the Commission, by the Division of Corporation Finance, 
pursuant to delegated authority.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 02-29979 Filed 11-25-02; 8:45 am]
BILLING CODE 8010-01-P