Essar Steel Algoma Inc said private equity firm KPS Capital Partners LP had backed out of a consortium that made a bid for the steel maker, but that certain term lenders were still pursuing a bid.

ESA, bought nearly a decade ago by Indian energy and resources conglomerate Essar Global, had put itself up for sale while operating under creditor protection.

“The term lenders have indicated that they remain committed to a going-concern outcome for Algoma and all of its stakeholders, and to closing the transaction contemplated by the asset purchase agreement as soon as possible,” ESA said.

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