Bankruptcy Court Extends LTV Reorganization Deadline
DALLAS (AP) _ A federal bankruptcy court has granted LTV Corp. an additional 90 days to file its reorganization plan, the steel and aerospace giant said Thursday.
The U.S. Bankruptcy Court’s decision extends the deadline for the Dallas company from Feb. 20 to May 20. The decision was handed down Wednesday in the U.S. Bankruptcy Court for the Southern District of New York.
During the additional 90 days, LTV has the exclusive right to file a plan of reorganization for the corporation and the 65 subsidiaries included in the company’s Chapter 11 filing.
LTV based its request on its volume of claims and continuing review of the company’s long-range business plan by creditors. The company also cited continuing litigation with the Pension Benefit Guaranty Corp., which LTV said has created uncertainty in the development of its reorganization plan.
LTV is a diversified manufacturing company involved in steel, aerospace- defen se and energy products.