A Stemcor snippet - mystery US trade buyer swoops on steel trader - part 2

Some of my lending sources have got back in touch regarding the Stemcor story I wrote earlier this week.

Word is this "mystery US trade buyer" (see my previous post) has offered more for Stemcor's UK steel trading operations than what Apollo, the US vulture fund, is proposing as part of a debt-for-equity swap.

A Stemcor snippet - mystery US trade buyer swoops on steel trader

I picked up an interesting nugget on the Stemcor situation scurrying around in the undergrowth this afternoon.

For readers that don't recall, Stemcor - one of Britain's largest privately-owned companies - is in a tough situation following a financial restructuring.

Another US 'vulture' fund circles Stemcor

Here is an interesting snippet I picked up the Stemcor restructuring situation I wrote about in The Sunday Times last weekend.

I hear from good sources that Monarch Alternative Capital, a US fund that specialises in buying distressed loans (also dubbed by some news outlets as a 'vulture' fund), has built up a sizeable position in Stemcor's debt.