less. LTV: hasn't filed yet, but close to doing so...check this (and who's the lender that got cold feet?):
<<Like many other steelmakers nationwide, LTV struggled in recent months, most recently posting a $80 million third-quarter loss. The company has blamed its losses on cheap steel imports, which have cut into LTV's sales and pricing.
Bricker said LTV, which employs about 18,000, is seeking about $225 million in loans from Chase. The New York bank already holds more than $1.2 billion of LTV collateral to cover $600 million in debt, he said.
``LTV received from Chase Manhattan positive indications about its request and, therefore, did not seek alternative sources of financing,'' Bricker said in the letter, a copy of which was provided to The Associated Press by WEWS-TV.
Chase denied the request on Wednesday, he added. ``As a result, it is with the most profound regret that I must inform you that LTV Steel is on the verge of ceasing all operations,'' Bricker said.
biz.yahoo.com |
