LTV Seeks Court Approval To Cease Operations

Cleveland-based LTV Corp. filed motions in U.S. Bankruptcy Court Nov. 20 to idle its integrated steel operations and prepare the facilities for sale. LTV Copperweld, comprised of LTV Corp. subsidiaries that include Copperweld Corp., Weld Tube Co. of America and the LTV Steel Tubular Division, are not affected by the actions, the company said. In a corporate statement, LTV Corp. said it had filed motions seeking approval to implement an asset protection plan (APP), reject labor agreements and take other actions to cease operations. The company, which filed for protection under Chapter 11 of the U.S. Bankruptcy Code on Dec. 29, 2000, said it no longer had "sufficient liquidity or sources of other capital to operate the integrated steel facilities." LTV said wage, salary, and benefit programs for corporate and integrated steel employees would continue for approximately two weeks until the APP is approved by the court. In addition to its other motions, LTV also asked the court to approve: a committee of salaried retirees to act as representatives for the modification of retiree benefits under the bankruptcy code, sale procedures for the Cleveland and Indiana Harbor Works, and expedited hearings. LTV employs about 17,000 people.