BS: Bethlehem Steel Corp. Message Board

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Non-Tech : BS: Bethlehem Steel Corp.

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From: Copperfield	10/15/2001 5:15:56 AM
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Bethlehem Steel reportedly may file for Chapter 11 bankruptcy protection as early as Monday as the struggling company seeks stability as it looks for a merger partner or buyer. The Wall Street Journal, citing an unnamed source familiar with the plan, said the steel maker's board approved the arrangements at a meeting on Sunday evening. Representatives of Bethlehem Steel (BS: news, chart, profile) weren't immediately available to comment. The report comes just a couple weeks after the company, based in Bethlehem, Pa., ousted its chairman and chief executive and appointed turnaround expert Robert S. Miller in his place. Bethlehem has been selling off assets to raise cash. On Oct. 1, the company said it sold its Buffalo Railway unit to Genesee & Wyoming for more than $33 million. At the same time, it said it had made progress in its preparations to secure a $750 million financing package. If it does file for Chapter 11, Bethlehem would become the largest of some 20 U.S. steel makers to go bankrupt since 1999, according to the Journal.

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