NEW YORK — A French military contractor and two U.S. defense firms twice increased their offers for LTV Corp.'s missile and aircraft businesses Wednesday during a bankruptcy court auction.
But a high bid by French-owned Thomson faced opposition from LTV's chief financial officer.
James Powers testified that the company preferred the American bids to that of Thomson, a defense and electronics company, because of concerns that foreign ownership would jeopardize LTV's Pentagon contracts.
Proceeds from the sale will be used to make up some of the huge shortfall in LTV's pension plans.
At a hearing before U.S. Bankruptcy Judge Burton R. Lifland, Lockheed Corp. of Calabasas and Martin Marietta Corp. of Bethesda, Md., raised their joint offer for the LTV Defense and Aerospace group to $385 million.