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Article: WL Ross & Co. LLC Purchases LTV Integrated Steel Assets.
- Article from:
- PR Newswire
- Article date:
- February 27, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. 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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NEW YORK -- WL Ross & Co. LLC announced today that it has agreed to acquire LTV Corporation's integrated steel assets for approximately $325 million, of which $125 million will be in cash and approximately $200 million in the assumption of environmental and other liabilities. The acquisition includes facilities located in Cleveland, East Chicago, Ind., Hennepin, Ill. and Warren, Oh. The agreement is subject to acceptance of the bid at an auction that will be conducted on February 27 and approval by the U.S. Bankruptcy Court on February 28. The agreement requires LTV to pay a breakup fee of $4 million in the event WL Ross & Co. is not the confirmed buyer.
WL ...