Weirton Noteholders Hire John Correnti to Help Formulate Stand-Alone Plan.Business Editors LOS ANGELES--(BUSINESS WIRE)--March 11, 2004 The Informal Committee of Senior Secured Noteholders (the "Committee") of Weirton Steel Corporation has retained International Steel Associates, Inc. and its principal, John Correnti, the former 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 Nucor Steel and CEO of Birmingham Steel, to advise the Committee in its efforts to recapitalize and restructure Weirton Steel. Weirton Steel filed its Chapter 11 case on May 19, 2003. On Monday of this week, the U.S. 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 Northern District of West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. (the "Court") ruled that the indenture trustee of the Senior Secured Noteholders may credit bid for Weirton and also lowered the bid amount required for other investors to top the International Steel Group, Inc. ("ISG ISG Iraq Study Group ISG Iraq Survey Group ISG International Steel Group ISG Integrated Security Gateway ISG Information Systems Group ISG Information Systems Group (IBM) ISG Integrated Starter/Generator ") bid for Weirton. In addition, on Monday the Independent Steelworkers Union, Weirton's primary labor union labor union: see union, labor. , confirmed to the Bankruptcy Court that it is prepared to negotiate with all potential bidders for Weirton's assets. The Committee believes the recent increase in worldwide steel prices has provided an immediate opportunity for improvement in the company's liquidity situation, and, at the same time, brightened the company's long-term prospects, particularly in view of the substantial reductions that can be made to the company's cost structure. Accordingly, the Committee also feels that it will be able to submit an offer, which will better serve Weirton and its creditors than ISG's bid. Key elements of the Committee's proposal would include having Weirton Steel remain independent and based in Weirton, West Virginia Weirton is a city located in the Northern Panhandle of West Virginia. Most of the city is in Hancock County, with the remainder in Brooke County. As of the 2000 census, the city population was 20,411 (16,525 in Hancock County, 3,886 in Brooke County). . |
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