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LTV ANNOUNCES AGREEMENT WITH J&L FIRST MORTGAGE BONDHOLDERS

 CLEVELAND, Feb. 11 /PRNewswire/ -- LTV Steel today announced that it has reached a tentative agreement with the Indenture Trustee and certain major holders of Jones & Laughlin First Mortgage Bonds. Under the terms of the agreement, the bondholders will receive an aggregate recovery of approximately $199 million in cash, from which Trustees' fees will be paid, plus new LTV common stock to be issued pursuant to a plan of reorganization. The value of the stock is $46.5 million, based upon an assumed value of $17.25 per share.
 The settlement represents an approximate net recovery of 78 percent of the principal face amount of the bonds outstanding, and is subject to approval through the process of confirming the joint plan of reorganization.
 LTV is a diversified manufacturing company involved in the production of flat rolled and tubular steel products and oilfield equipment and supplies.
 -0- 2/11/93
 /CONTACT: Mark R. Tomasch of LTV Steel, 216-622-4635/


CO: LTV Steel ST: Ohio IN: MNG SU:

BM -- CL013 -- 5789 02/11/93 14:45 EST
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Publication:PR Newswire
Date:Feb 11, 1993
Words:173
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