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LTV inks deal for Japanese cash infusion. (Sumitomo Metal Industries Ltd. to invest in LTV Corp.)
Crain's Cleveland Business, September, 1992 by Thompson, Chris
Sumitomo Metal Industries Ltd. has signed a letter of intent with LTV Corp. to invest $200 million in the struggling steel company in a deal that ultimately could lead to the Japanese concern owning up to 12% of LTV's common stock. LTV officials declined to discuss the agreement last week. LTV spokesman Mark Tomasch said the terms of any agreement with Sumitomo would be part of a disclosure statement LTV will file with the U.S.
Bankruptcy Court in New York. The disclosure statement will outline how LTV plans to pay off its debts and restructure itself so it can emerge from Chapter 11 bankruptcy protection. LTV Corp. and its Cleveland-based steel unit, LTV Steel Co., filed for protection from creditors July 17, 1986. U.S. Bankruptcy Judge Burton Lifland has ordered...
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