Business Services Industry
Owner of Warren, Ohio, steel mill argues bondholders deserve less.
Knight Ridder/Tribune Business News, October, 2004
By Cynthia Vinarsky, Vindicator, Youngstown, Ohio Knight Ridder/Tribune Business News
Oct. 21--WARREN, Ohio -- WCI Steel's millionaire owner Ira Rennert has just one gripe about his plan to buy the Warren steel mill out of bankruptcy: He thinks it would pay too much to a competing lender group also vying to buy the company.
In a deposition filed in U.S. Bankruptcy Court in Akron, Rennert said that the secured bondholders deserve no more than $20 million to $25 million.
WCI's parent company Renco would pay $94 million under its plan to reorganize and continue operating the mill.
If the plant and property were sold, Rennert argued, it would probably go for about $20 million.
"That's what somebody would pay for it," he...
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