The PBGC is monitoring efforts by LTV Corp., Cleveland, to seek labor concessions as part of an effort to keep operating. The PBGC is a member of the creditors’ committee in LTV’s federal bankruptcy proceedings, which the company filed last December.
LTV had $2.9 billion in pension assets and $3.4 billion in accrued liabilities as of Dec. 31, according to its recently released annual report. "LTV does not anticipate any significant pension funding requirements until 2004,” its report notes.
"It’s a very large defined benefit plan, and when a company engages in a major transition involving a reorganization, it may have implications for the pension fund,” said Gary Pastorius, PBGC spokesman.
Stephen B. Timbers, a director of LTV and president of Northern Trust Global Investments, referred calls to an LTV spokesman. He and other LTV representatives couldn’t be reached for comment.
