The purpose of these discussions is to ensure a permanent capital structure for Algoma and to strengthen the balance sheet for the benefit of the stakeholders. Given the constructive nature of the ongoing discussions, Algoma has elected to utilize the grace period for the June 15th interest payment. Algoma's debt agreements allow for a 30-day grace period to make this payment.
As Algoma continues these discussions, it is continuing normal business operations, providing the same high levels of service and reliability to customers and meeting ordinary course obligations, such as employee pay and benefits, regulatory obligations, and trade, vendor and similar obligations.
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