LTV Corporation, once a massive conglomerate, at its peak boasted a combined $23 billion in sales adjusted for inflation. On December 29, 2000 LTV and 48 subsidiaries, filed for Chapter 11 bankruptcy after years of financial turmoil, and political strife within the company. Originally founded in 1947 by James Ling, the company morphed into a behemoth that was just too big to properly manage, and as a result investors started questioning the overall strategy. The turmoil festered for years, until LTV finally filed for Chapter 11 bankruptcy in 1986.
The company was split up multiple times, and ultimately ended up mostly producing steel, and was renamed LTV Steel. It finally emerged from bankruptcy in 1993, only to declare bankruptcy a final time in 2000. The bankruptcy cases were filed in the U.S. Bankruptcy Court, Northern District of Ohio, Eastern Division and jointly administered as Case No. 00-43866. An Asset Protection Plan, or APP, was implemented by the U.S. Bankruptcy Court in 2001, on December the Seventh. This covered the dismantling and auctioning of all associated metal assets.
The Plan also provides for the continued operation and sale of Copperweld and LTV’s tubular products business.
On December 18, 2001, the LTV Corporation declared that it was the opinion of the Company that shares of its common stock were worthless because the value expected to be generated by the sale of assets would be insufficient to provide a recovery for common shareholders in the reorganization process. Nothing published in this website is intended in any way to promote the Company, its common stock or any of its securities.