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Troubled steel producer LTV Corp. filed for bankruptcy
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stanley canada d imports for driving steel prices to 20-year lows, the company said the deal with Chase Manhattan Corp. would avoid laying off all of its employees. Chase holds more than $1.2 billion of LTV collateral to cover $600 million in debts. We have been able to reach an agreement with Chase whereby we will not be closing any facilities. We will be continuing operations until we work out a more formal financial arrangement, LTV chairman William Bricker said.Bricker spoke after an hour-long meeting with Cleveland Mayor Michael R. White and U.S. Reps. Dennis Kucinich and Stephanie Tubbs-Jones.At the same time, LTV lawyers were wheeling six boxes of documents into federal court in Youngstown to file for protection under Chapter 11 of the U.S. Bankruptcy Code. In a statement earlier this week commenting on LTV s shaky financial condition, Bricker pointed a finger of blame at foreign competition, saying that
stanley tumblers for the past two years the entire American steel industry has been fighting an unprecedented battle against foreign-made steel that has illegally flooded our markets. Nearly 40% of our business has been lost and prices have fallen to the lowest levels in 20 years, said Bricker. Without enforcement of our trade laws by the Administration our only hope of survival was to reorganize LTV under Jcpb How George Lucas could have made the awful Star Wars prequels good
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