(Reuters) - Essar Steel Algoma Inc (ESA), a Canadian affiliate of Indian energy and resources conglomerate Essar Global Group, has hired financial and legal advisers to assist it with a debt restructuring, according to people familiar with the matter.
The move illustrates the impact of the drop in steel prices on companies such as ESA. Credit rating agency Moody's Investors Service Inc warned earlier this month that it saw no meaningful catalyst for an improvement in ESA's performance.
ESA has hired investment banking advisory firm Evercore Partners Inc and law firm Weil Gotshal & Manges LLP to assist with the restructuring as it struggles with its debt pile, the people said on Monday.
The sources asked not to be identified because the appointment of the advisers is confidential. ESA and Weil did not immediately respond to requests for comment while Evercore declined to comment.
(Reporting by Jessica DiNapoli in New York; Editing by Leslie Adler)