July 9, 2016 / 12:08 AM / a year ago

Essar Steel Minnesota files for chapter 11 bankruptcy

(Reuters) - Essar Steel Minnesota LLC [ESML.UL], a U.S. affiliate of India’s shipping, natural resources and power conglomerate Essar Global Group, filed for chapter 11 bankruptcy protection on Friday.

The company’s assets and liabilities are estimated to be worth between $1 billion and $10 billion, according to a court filing in the District of Delaware.

Reuters reported in March, citing sources, that the company had hired financial and legal advisers to help it restructure its debt. Essar Steel Minnesota had about $1 billion in debt, the people told Reuters.

Reporting by Sruthi Shankar in Bengaluru; Editing by Sandra Maler

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