Ongoing Insolvency Cases

The downside floor. None of these cases has an outcome yet. Where comparable Steel & Metals companies went to liquidation instead, creditors recovered a median of 7.6% of admitted claims — median across 43 concluded liquidations that recorded a distribution, computed over the full record since 2017. A further 25 recorded zero distributed; those are excluded here because a stored zero can mean nothing was paid or that nobody recorded what was — including them would move the median to a figure we cannot yet stand behind. How we handle this. That is the floor, not a forecast — a plan that beats it is the whole point of the process.