After completion of asset sales Bethlehem liquidates company

After completion of asset sales Bethlehem liquidates company

Bethlehem Steel has completed the sale of its assets to Intenational Steel Group (ISG) for $805 million, and now plans to liquidate the company. The sales of assets are expected to provide enough cash for Bethlehem to repay it secured creditors and to distribute $15 million to its unsecured creditors. Bethlehem announced that the Chapter 11 liquidating plan will be filed with the US Bankruptcy Court for the Southern District of New York within 60 days of closing.