Optima Specialty Steel, Inc., headquartered in Miami, FL, is one of North America’s leading independent manufacturers of specialty steel products. Operating through its four wholly-owned subsidiaries, Michigan Seamless Tube & Pipe (MST), Niagara LaSalle Corporation, Kentucky Electric Steel and Corey Steel Company, the organization leverages its technical expertise, skilled workforce and sophisticated equipment to produce highly engineered products, including seamless cold drawn pipe and tube, cold finished steel bars and flats and various SBQ and MBQ products. Optima Specialty Steel is dedicated to maximizing the value of its subsidiaries through strategic capital investments that serve to drive innovation, enhance operations, facilitate growth and maintain the highest levels of customer service.
BDC Credit Reporter View
Optima filed for Chapter 11 on December 15, 2016.On June 30, 2017, the Company announced the Bankruptcy Court approved its Plan of Reorganization. The existing investors committed $200mn, and a new financing facility is being arranged for $130mn, which will repay a $40mn Debtor In Possession loan and other debt outstanding.