There has been plenty of discussion about the property tax that the City claims is owed to them by Algoma. The amount of the property tax assessment is currently under appeal.
The Secured Creditors, as part of their restructuring plan, are committed to resolving the City’s property tax claims in the near term. We understand the impact that Algoma’s restructuring proceeding has had on the community at large. We are also intimately aware of the money needed to invest in Algoma for a future as a viable company.
To help the City, we initiated a proposal, which was supported by the Company, the Monitor, and the Ad Hoc Committee of Essar Algoma noteholders, to pay $350,000 per month towards the Company’s ongoing property tax bill. The Court then endorsed Algoma making these go forward property tax payments.