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Ling-Temco-Vought (LTV) was a large American conglomerate which existed from 1961 to 2001. At its peak, it was involved in aerospace, airlines, electronics, steel manufacturing, sporting goods, meat packing, car rentals, and pharmaceuticals, among other businesses.
In the 1990s, steel firms were guaranteed pension funds. Workers had health-care benefits through these steel firms; however, there was an issue in funding for the defined benefit pension funds. In 1986, PBGC took over LTV's pension payments after LTV went bankrupt. The main apprehension was the liabilities between the firms with defined ...
Lockhart served in President George H.W. Bush's Administration as Executive Director (CEO) of the Pension Benefit Guaranty Corporation (PBGC) from 1989-93. While he was at the PBGC, the agency restored the LTV Steel pension plans through a Supreme Court ruling and faced major airline (Eastern, PanAm, Continental and TWA) and steel company ...
Bethlehem Steel, which had been the second largest steel producer in the United States, had filed for bankruptcy in 2001. Under Ross, the steel workers at LTV returned to work with "new work rules", and without their pensions. Instead they had 401(k)s. [3] When WL Ross acquired Bethlehem Steel, the steelworkers there accepted the same ...
In 1988, Renco bought a Warren steel company from its bankrupt parent, LTV Steel Co., for a price tag of $140 million.This company then became WCI Steel Inc., and Rennert was able to ultimately sell bonds totaling $300 million, paying $108 million of the proceeds as a dividend to Renco. [6]
Republic Steel is an American steel manufacturer that was once the country's third largest steel producer. It was founded as the Republic Iron and Steel Company in Youngstown, Ohio in 1899. After rising to prominence during the early 20th Century, Republic suffered heavy economic losses and was eventually bought out before re-emerging in the ...
James Joseph "Jimmy" Ling (December 31, 1922 – December 17, 2004) was an American businessman and former head of Ling-Temco-Vought corporation. While at its helm, Ling used LTV funds to purchase a large number of corporations, and was one of the more famous of the 1960s conglomerate managers.
The Youngstown Sheet and Tube Company, based in Youngstown, Ohio, was an American steel manufacturer.Officially, the company was created on November 23, 1900, when Articles of Incorporation of the Youngstown Iron Sheet and Tube Company were filed with the Ohio Secretary of State at Columbus.