NEW YORK -- Bethlehem Steel Corp. Chief Executive Steve Miller said Tuesday that he hopes to persuade a federal agency to delay a takeover of its pension plan, which threatens to scuttle an agreement to sell the bankrupt firm.þþThe timing of the Pension Benefit Guaranty Corp. announcement Monday surprised officials from Bethlehem and International Steel Group, which is in negotiations to acquire Bethlehem.þþUnder an exclusivity period, ISG has three weeks to look at Bethlehem's financial accounts and facilities before it considers making an offer.þþAll sides had assumed that the PBGC eventually would assume the pension liabilities but had not expected that to take place until after negotiations to downsize the labor force.þþBy acting now, the agency makes it more difficult to persuade workers to retire early and thus puts the deal in doubt, Bethlehem and ISG said.þþ
Source: Chicago Tribune
