The Restructuring Transaction was completed through a purchase by Algoma Steel Inc. (the "Purchaser") of substantially all of the business and assets of Algoma. The Restructuring Transaction was approved by the Ontario Superior Court of Justice (Commercial List) (the "CCAA Court") in the CCAA proceedings and by the U.S. Bankruptcy Court in the Chapter 15 proceedings. Pursuant to the RSA, Algoma's term lenders and senior secured noteholders exchanged their existing secured claims for equity in the Purchaser and the Secured Lenders backstopped and funded a US$285 million exit term loan in connection with the completion of the Restructuring Transaction. The Purchaser also obtained exit financing under a syndicated revolving credit facility.