Business Services Industry
Bondholders, owner differ on value of bankrupt WCI Steel.
Knight Ridder/Tribune Business News, September, 2004
By Cynthia Vinarsky, Vindicator, Youngstown, Ohio Knight Ridder/Tribune Business News
Sep. 3--AKRON, Ohio -- Just how much is WCI Steel worth?
Most of this week's testimony in U.S. Bankruptcy Court here has focused on that key question, one that could determine the next owner of the Mahoning Valley's third-largest industrial employer.
WCI and its multimillionaire owner Ira Rennert say the Warren steel mill is worth somewhere between $100 million and $110 million.
The creditor group that holds $324 million in bonds secured by WCI's plant property and equipment believe it's worth much more, somewhere between $300 million and $350 million.
Judge Marilyn Shea-Stonum will weigh the validity of the two, very different...
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