PBGC officials planned to meet today to evaluate LTV Corp.s pension funding, after being informed by the Cleveland company of its intention to ask a bankruptcy court for permission to cease operations and sell its integrated steel facilities. "We have no information from the company what their intentions are in terms of the pension plan, said Jeffrey Spiecher, PBGC public affairs specialist. The PBGC is a member of the court-appointed LTV unsecured creditors committee.
LTVs defined benefit plan had $2.9 billion in assets and $3.4 billion in liabilities as of Dec. 31, 2000, according to its SEC filing. It had $1.2 billion in 401(k) assets in 1999; more recent numbers werent available. In another SEC filing, LTV stated it "does not anticipate any significant pension funding requirements until 2004. Susan C. Leathers, LTV assistant treasurer and senior director-investments, and other LTV executives couldnt be reached for comment. LTV filed for bankruptcy court protection Dec. 29.