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Article: Geneva Steel Narrowly Averts Forced Shutdown.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 11, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Feb. 10 -- Financially beleaguered Geneva Steel barely averted being permanently closed Tuesday. Quick maneuvering by the company's attorneys kept alive the struggling steelmaker that employs 1,600 workers at its mill on the shores of Utah Lake in Utah County.
After several days of hearings, U.S. Bankruptcy Court Judge John H. Allen on Tuesday declined to approve the company's request that it be allowed to take on $125 million in new financing it needed to continue operating.
Allen instead declared from the bench that he was throwing the company into Chapter 7 bankruptcy and wanted a trustee appointed to ...