On August 2, 2001 (the "Petition Date"), Magnesium Corporation of America and Renco Metals, Inc. (the "Debtors") filed voluntary petitions in the United States Bankruptcy Court for the Southern District of New York seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code.
On September 24, 2003, the Debtors' chapter 11 cases were converted to chapter 7. On September 24, 2003, Lee E. Buchwald was appointed as chapter 7 Trustee to the Debtors.
This website was created to assist the Trustee in providing access to information for creditors, as well as to solicit and receive comments from such creditors.
Telephonic inquiries can be made at: 888-204-0640
The Trustee recently reached an agreement in principle with the three major creditors in these cases. The Trustee has approximately $94 million in cash, the bulk of which will be distributed to the various creditor constituencies of both Debtors after payment of professional fees. Because there are various state and federal environmental agencies that are parties to the settlement, and because of complicated environmental issues, the Trustee expects that it will take at least several months for the settlement agreement to be presented to the Court for approval. As a result, at this time the Trustee anticipates a distribution to creditors will not be made until the second half of this year.
|Main Debtor||01-14312 Magnesium Corporation of America|
|Total Number of Debtors||2|
|Court||Southern District of New York|
|Judge||Hon. Mary Kay Vyskocil|
|Petition Filing Date||August 2, 2001|
|Claims Bar Date||March 1, 2017|
|Chapter 7 Trustee||
Lee E. Buchwald
Buchwald Capital Advisors LLC
380 Lexington Avenue, 17th Floor
New York, NY 10168-1799
Phone: (212) 551-1040
|Attorneys for Trustee||
Stevens & Lee, PC
485 Madison Avenue, 20th Floor
New York, NY 10022
Phone: (212) 319-8500