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LTV Corporation Bankruptcy Largest In US History
The LTV Corporation filed for chapter 11 protection on July 17, 1986 to protect the company from more than $4 billion in debts. The largest bankruptcy in US history at that time.
The company had started as an electronics company in Dallas in 1947 founded by James Ling, but the company had grown to be come the third largest steel company in America.
The company had been caught by falling steel and oil prices and various other losses. The bulk of the debt was comprised of $3 billion in retiree benefits. The company would eventually emerge from bankruptcy on June 28, 1993.
Posted: 2002-07-17 1:45:26 PM
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