Update #9

Black Diamond was the only bidder for the entirety of the US assets and they were declared by the Debtors to be the highest and best bidder.

The company conducted an auction relating to the sale of the stock and in the German affiliate with Black Diamond being declared the high bidder on assets.

However, the hearing did not conclude today, and is now scheduled to resume on January 4, with a follow-up date, if needed, on January 8. ArcelorMittal also filed an objection, asking for additional time to submit a bid. In addition, CIT, one of the company's lenders, also objected.

The USW was able to work out protections that will allow the parties to continue the bargaining process before Black Diamond takes control of the business if the court approves the sale.