Oct 12 (Reuters) - Algoma Central Corp ALC.TO :
* ALGOMA CENTRAL CORPORATION ANNOUNCES CANCELLATION OF CROATIAN NEW BUILD CONTRACTS
* ALGOMA CENTRAL CORP - TAKEN STEPS TO CANCEL ITS REMAINING FOUR NEW BUILD CONSTRUCTION CONTRACTS WITH A CROATIAN SHIPYARD
* ALGOMA CENTRAL - WILL NOW INITIATE PROCESS TO BE REIMBURSED FOR CONTRACT INSTALMENTS PAID TO DATE
* ALGOMA CENTRAL CORP - CANCELLATION NOTICES HAVE BEEN SENT TO SHIPYARD AS A RESULT OF YARD'S FAILURE TO SECURE REFINANCING
* ALGOMA CENTRAL - CO HAS NO ASSURANCE THAT SHIPYARD WILL BE ABLE TO COMPLETE 4 VESSELS