Cleveland Cliffs Inc (CLF)

[greasemonkeyshoes]

BK(ES) update.........
http://www.grandrapidsmn.com/news/state-moves-to-extract-essar-leases/article_8e455866-7c59-11e6-a5e3-6fe75773fb6d.html
From DNR:
"In its filing earlier this month, the DNR says Essar is not fulfilling obligations under the lease, which called for completion of construction by July 1 and 5 million tons of mined ore by Dec. 31."
“Simply put, the debtors are using this bankruptcy primarily to delay an inevitable termination of the leases,” the DNR contends. “This is not an appropriate use of bankruptcy protection.”
vs.
From Essar and SPL Advisors:
"In separate statements since the bankruptcy filing, Essar and SPL Advisors, the company now in CONTROL of the Nashwauk site, have expressed a COMMITMENT TO FINISH the project and PAY nearly $75 million OWNED to contractors and vendors."