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January 21, 1993 | From Times Staff and Wire Reports
LTV Files Reorganization Plan: LTV Corp. filed a bankruptcy reorganization plan under which the steelmaker will repay $850 million to its pension funds and reimburse creditors with cash and stock. The plan also calls for Sumitomo Metal Industries Ltd. to invest $200 million by purchasing stock and notes in LTV. LTV, which has been in bankruptcy court for nearly six years, said it could emerge from Chapter 11 protection in the spring if the plan is approved by a federal judge and creditors.
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BUSINESS
January 21, 1993 | From Times Staff and Wire Reports
LTV Files Reorganization Plan: LTV Corp. filed a bankruptcy reorganization plan under which the steelmaker will repay $850 million to its pension funds and reimburse creditors with cash and stock. The plan also calls for Sumitomo Metal Industries Ltd. to invest $200 million by purchasing stock and notes in LTV. LTV, which has been in bankruptcy court for nearly six years, said it could emerge from Chapter 11 protection in the spring if the plan is approved by a federal judge and creditors.
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