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LTV CORPORATION ANNOUNCES REFERENCE PRICE SET FOR LTV CVR'S

 CLEVELAND, June 25 /PRNewswire/ -- The LTV Corporation (NYSE: QLTV) today announced that the Official Committee of Unsecured Creditors of LTV Steel Company and the Pension Benefit Guaranty Corporation (PBGC) have reached agreement on the strike prices for Contingent Value Rights (CVR's) to be issued by the PBGC and the Stock Appreciation Rights (SAR's) to be issued to the PBGC by LTV.
 Each CVR will entitle the holder to payment of the amount by which the market value of a share of the New LTV Common Stock is less than $17.26, subject to a maximum payment of $1.50 per CVR (which would be payable if the market value of a share were $15.76 or lower). The market value will be determined by a 20-day average trading price during the period ending five business days before the six month anniversary.
 LTV will issue to the PBGC 14 million SARs, each SAR entitling the holder to receive New LTV Common Stock with a value equal to the excess over $18.00 of the market value of a share of the New LTV Common Stock on the first anniversary of LTV's reorganization Effective Date. The market value on the first anniversary will be determined by reference to a 20-day trading average.
 The LTV Plan of Reorganization was confirmed on May 27 and the company expects that its reorganization will become effective before the end of June.
 -0- 6/25/93
 /CONTACT: Eric Evans, senior director, investor relations, 216-622-5680 or Mark Tomasch, senior director - corporate communications, 216-622-4635/
 (QLTV)


CO: The LTV Corporatio ST: Ohio IN: MNG SU: RCN

LC -- CL009 -- 5812 06/25/93 14:47 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
Words:275
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