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North Brief: 9/24/01
Monday, September 24, 2001
Employees and retired workers of Erie Forge & Steel rejected a contract from an Ohio-based company to buy the employee-owned company and possibly save it from bankruptcy.
"It went down and it went down big," said Bob Sulecki, president of United Steelworkers of America Local 3199-20.
Sulecki said 98 percent of members who voted Saturday rejected the contract from EFS Acquisition LLC, formed by Durrel Corp.
Erie Forge & Steel is reorganizing under Chapter 11 bankruptcy. The company has $24 million of debt.
Despite the union's vote, U.S. Bankruptcy Judge Warren Bentz will make the final decision whether the company will be sold and to whom.
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