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Weirton's Fate Delayed; International Steel Group Takes a Step Ahead.
Knight Ridder/Tribune Business News, April, 2004
By Len Boselovic, Pittsburgh Post-Gazette Knight Ridder/Tribune Business News
Apr. 15--A judge's decision on who will purchase Weirton Steel has been pushed back until next week. But heavily favored International Steel Group's offer for the bankrupt steel producer advanced yesterday when the U.S. Department of Justice declined to block its proposed purchase on antitrust grounds.
The decision was a setback for a group of bondholders who have formally offered to acquire Weirton for $261.2 million, topping ISG's $255 million offer. The bondholders reportedly raised their bid substantially during a two-day private auction that ended in a stalemate Tuesday.
Weirton's directors had been expected to recommend a bidder who would have faced...
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