Business Services Industry
Credit pact among last details facing LTV. (LTV Corp.)
Crain's Cleveland Business, May, 1993 by Thompson, Chris
NEW YORK -- Nothing in LTV Corp.'s nearly 7-year-old bankruptcy case has been simple. And that includes ending it. Before the Cleveland steelmaker finally can emerge from Chapter 11 bankruptcy protection, it must nail down a few details of its plan of reorganization. Those details include completing a $400-million credit agreement from a bank group.
Minutes after he signed an order approving LTV's reorganization plan last Wednesday, Bankruptcy Judge Burton Lifland reminded the three dozen lawyers in his courtroom here that the case isn't over. "It only starts another phase," he said of the plan's confirmation. In all Chapter 11 reorganizations, certain terms and conditions of a plan that have been confirmed must be met before the plan becomes "effective." LTV...
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