REPUBLIC ENGINEERED PRODUCTS Hearing set to discuss bid acceptance

The new owners intend to operate all of Republic Engineered's plants.
AKRON (AP) -- A hearing is set for today after Republic Engineered Products LLC, which filed for bankruptcy protection Oct. 6, accepted a $245 million bid for its assets.
The company's choice is subject to bankruptcy court approval.
Assets
The steel company's assets would transfer to PAV Republic Inc., a new company formed by Perry Strategic Capital Inc., the lead bidder.
Republic Engineered's main product is specialty bar steel, serving mostly automotive manufacturers.
"We are optimistic that we will be able to move forward, assure a continued source of supply for our customers and provide job security for our employees," said Joseph F. Lapinsky, Republic Engineered president and chief executive officer.
Republic Engineered declared Perry, a New York-based investment firm, as the winner of an auction that began Wednesday.
Perry Strategic Capital is the private equity arm of Perry Capital, a private investment firm formed in 1988.
Stark Investments of St. Francis, Wis., and Sun Capital Partners of Boca Raton, Fla., were also bidders.
Continued operation
The agreement announced Friday follows negotiations between Republic Engineered, its creditors and the United Steelworkers of America.
PAV Republic would operate all of Republic Engineered's plants and honor the existing labor contract with the Steelworkers.
Republic Engineered employs about 2,300 people. With headquarters in Fairlawn, Ohio, Republic Engineered operates Ohio steel plants in Canton and Lorain and rolling and finishing facilities in Canton, Lorain and Massillon in Ohio; Lackawanna, N.Y.; and Gary, Ind.