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Sharon Steel Corp

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NEWS
April 18, 1987 | Associated Press
Sharon Steel Corp. filed for protection from creditors Friday under Chapter 11 of the federal bankruptcy laws, the latest steelmaker to seek court refuge because of heavy debts and slumping business. The filing, which listed assets of $478 million and debts of $742 million, occurred with little more than an hour left before a noon deadline set by a major creditor for Sharon Steel to redeem $96 million in corporate bonds that went into technical default in March, 1985.
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BUSINESS
November 12, 1992 | From Times Staff and Wire Reports
Steel Maker Lays Off Its Last Unionized Workers: Sharon Steel Corp. has laid off its remaining 500 unionized employees, and the company's health insurance has been canceled for non-payment, a union official said. "They haven't made payroll for anybody . . . and our health insurance was canceled for non-payment for active workers and retirees," said Ben Griffin, co-chairman of the grievance committee for United Steelworkers of America Local 1197. Sharon officials were not available to comment.
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BUSINESS
November 12, 1992 | From Times Staff and Wire Reports
Steel Maker Lays Off Its Last Unionized Workers: Sharon Steel Corp. has laid off its remaining 500 unionized employees, and the company's health insurance has been canceled for non-payment, a union official said. "They haven't made payroll for anybody . . . and our health insurance was canceled for non-payment for active workers and retirees," said Ben Griffin, co-chairman of the grievance committee for United Steelworkers of America Local 1197. Sharon officials were not available to comment.
BUSINESS
March 5, 1985
The Miami-based company said it may have to file for protection under the U.S. Bankruptcy Code unless it can renegotiate or refinance about $600 million of indebtedness that matured Jan. 15. The company said that lenders set a March 11 deadline for payment and that it deferred declaring the March 1 dividend on its $1.40 and $2.10 cumulative junior preferred stock. Separately, Sharon Steel Corp.
NEWS
August 14, 1988 | Associated Press
Industrialist Victor Posner has agreed to return 13 Norman Rockwell paintings he took from Sharon Steel Corp. after buying the company in 1969. The announcement in U.S. Bankruptcy Court Judge Warren Bentz's courtroom last week by Robert Cindrich, a Posner attorney, was the company chairman's first response to a lawsuit seeking return of the paintings. James W. Toren, a trustee appointed by the court to run Sharon Steel during its Chapter 11 reorganization, filed the suit June 3.
NEWS
April 18, 1987 | Associated Press
Sharon Steel Corp. filed for protection from creditors Friday under Chapter 11 of the federal bankruptcy laws, the latest steelmaker to seek court refuge because of heavy debts and slumping business. The filing, which listed assets of $478 million and debts of $742 million, occurred with little more than an hour left before a noon deadline set by a major creditor for Sharon Steel to redeem $96 million in corporate bonds that went into technical default in March, 1985.
NEWS
September 29, 1987 | Associated Press
In a surprise move, multimillionaire industrialist Victor Posner pleaded no contest today to 10 counts of tax evasion and false statements resulting from his overvaluation of the land he donated to a Bible college. U.S. District Judge Eugene P. Spellman then adjudged him guilty of the charges, ending a bitter court fight that lasted more than five years. The government alleged he evaded $1.2 million taxes by inflating the value of property he donated to Miami Christian College.
BUSINESS
March 13, 1985 | Associated Press
Evans Products Co. and seven subsidiaries said Tuesday that they have asked for court protection from creditors while attempting to reorganize under Chapter 11 of the U.S. Bankruptcy Code. The company said, however, that one subsidiary--Evans Transportation Systems & Industrial Group--was not included in the petition. It manufactures and leases a fleet of speciality rail cars and truck trailers.
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