All inquiries regarding Sales of assets should be directed to The
Blackstone Group. Contact Raffiq A. Nathoo (212) 583-5869
The LTV Corporation, along with 48 subsidiaries,
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code on December 29, 2000. The cases were filed in the
U.S. Bankruptcy Court, Northern District of Ohio, Eastern Division and
jointly administered as Case No. 00-43866. On December 7, 2001, the
U.S. Bankruptcy Court issued an order authroizing the implementation of an
Asset Protection Plan ("APP"). The APP includes the
shutdown and sale of all integrated steel 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 common
stock were worthless because the value exprected to be generated by the
sale of assets would be insufficient to provide a recovery for common
shareholders in the reorganization process.