The judge presiding over the bankruptcy of RG Steel LLC is urging the company and its creditors to try to agree on a sale process of the steelmaker's assets.
RG Steel, the nation's fourth-largest flat-rolled steel manufacturer, sought bankruptcy protection last month, citing liquidity issues attributed to low steel prices and high raw material costs.
RG Steel's bankruptcy financing agreement with secured lenders requires a sale of its steel mill in Sparrows Point, Md., by July 27.
But unsecured creditors fear the process is being rushed and asked that a Thursday hearing to approve proposed bid procedures be postponed. RG Steel opposed that request.