Bethlehem Steel Files Motion to Establish Committee to Deal with Modifications to Retiree Health Care Benefits.Business Editors BETHLEHEM, Pa.--(BUSINESS WIRE)--Aug. 16, 2002 Bethlehem Steel The Bethlehem Steel Corporation (1857–2003), based in Bethlehem, Pennsylvania, once was the second largest steel producer in the United States (after Pittsburgh, Pennsylvania-based US Steel). announced today that it has filed a motion with the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of requesting formation under Section 1114 of Chapter 11 of the Bankruptcy Code of a Court-appointed committee composed of Bethlehem Steel retirees to address modifications to health and welfare benefits for current retirees, their spouses and dependents. "If Bethlehem is to survive and prosper, we must address the $3 billion legacy costs associated with providing health and welfare benefits for over 95,000 retired employees, spouses and dependents," said Robert S. "Steve" Miller, Jr. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bethlehem Steel Corporation. "Bethlehem is facing substantial increases next year in health care-related costs--and we must move forward with discussions on modified health care coverage for retirees," he continued. |
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