LTV Readies for Assets Sale
Cleveland, OH - The LTV Corporation announced procedures for the sale of its Cleveland Works East and Indiana Harbor Works integrated steel assets. The Cleveland Works East assets are located in Cleveland, Ohio and the Indiana Harbor Works assets in East Chicago, Indiana.
The company said that it will conduct an auction on February 27, 2002 at 9:00 a.m., Eastern Time, in Cleveland, Ohio. A hearing to approve the sale of assets to the highest and best bidder will be conducted on February 28, 2002 at 11:00 a.m., Eastern Time, in the United States Bankruptcy Court, Northern District of Ohio, Eastern Division. The Court is located in Youngstown, Ohio.
LTV said that participation in the auction is subject to certain court-approved terms and conditions, including submission of a preliminary written expression of interest and related materials by January 28, 2002 and submission of firm written offers, along with bid deposits and other information, by February 20, 2002.
LTV may consider bids that also propose to purchase additional assets, including the flat rolled finishing facility at Hennepin, Illinois and other business assets.
Copies of court-approved bidding procedures and terms and conditions of the auction and other information concerning the assets may be obtained by written request to The Blackstone Group, L.P., 345 Park Avenue, 28th floor, New York, NY 10154, Attention: Raffiq Nathoo and Mark Wasserberger, Telecopier: (212) 583-5349.
The LTV Steel coke plants, located in Warren, Ohio and Chicago, Illinois, as maintained on hot idle through the end of January. After that, the plants will be placed on cold idle, making future operation unlikely without significant capital investment. Prospective purchasers may contact LTV via fax: Attention Coke Plant Asset Sales (216) 642-7236.
The LTV Corporation, along with 48 subsidiaries, filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code on December 29, 2000.